The invention discloses double-phase high-density kinetic energy tungsten-nickel-cobalt alloy capable of being cast and forged and a preparation method, and belongs to the field of kinetic energy alloy. The double-phase high-density kinetic energy tungsten-nickel-cobalt alloy comprises, by weight, 35-65% of W, 0-3% of Ti, 0-3% of Al, 0-8% of Nb, 0-10% of Ta and the balance Ni or Co or NiCo, unavoidable impurity elements and micro elements like rare earth. The preparation method adopts vacuum induction plus vacuum arc remelting. Compared with the prior art, the double-phase high-density kinetic energy tungsten-nickel-cobalt alloy capable of being cast and forged is good in comprehensive performance, has high density, high rigidity, super high strength, super high dynamic strength and other excellent properties, the density can reach 11.0-15.0 g/cm<3>, the impact rigidity can reach 80 J/cm<2> or higher, the static tensile strength can reach 1300 MPa or higher, and the dynamic compression strength can reach 1800 MPa or higher.