The invention discloses a metal base diamond grinding wheel and a preparing method thereof. The preparing method comprises the steps that firstly, raw material pre-mixing is conducted, a diamond type material and a metal material are mixed, and a pre-mixed material is prepared; secondly, grinding material wrapping is conducted, the pre-mixed material prepared in the first step is subjected to micro nano particle shaping wrapping, and composite particles are prepared; and thirdly, forming sintering is conducted, and after the composite particles prepared in the second step are pressed, sintering is conducted, and the metal base diamond grinding wheel is prepared. By means of the above technical scheme, after the diamond type material and the metal material are mixed, micro nano particle shaping wrapping operation is conducted, then pressing and sintering are conducted, the diamond type material can be evenly scattered in the prepared metal base diamond grinding wheel, accordingly, the grinding efficiency of the prepared metal base diamond grinding wheel is improved, and the service life of the prepared metal base diamond grinding wheel is prolonged. Meanwhile, by adoption of the preparing method, the material mixing time can be greatly shortened, the overall production time is shortened, and the production efficiency is improved.