The invention discloses a Cu-Cr in-situ composite with boron, silver and rare earth elements added and a preparation method thereof. The invention is characterized by adopting multimode comprehensive strengthening technology such as multi-micro alloying, solid solution strengthening, aging strengthening, fine grain strengthening, distortion strengthening, fiber strengthening and the like, using Cu as the base and adding a little Cr and trace Ag and B, rare earth or rare earth compounds to prepare the high performance copper alloy in-situ composite through smelting, casting, hot forging or hot rolling, solid solution treatment, cold rolling or cold drawing, aging and the like. The prepared material has the advantages of high strength, good electric and thermal conductivity, simple preparation process and low cost, thus realizing industrial application in the aspects such as electrician switches, contact materials, resistance electrodes, rotor conductors of large electrical high speed turbine generators, overhead conductors of electric cars and electric trains, lead frames of very large scale integrated circuits and the like.