The invention relates to a hole compensation type skutterrudite thermoelectric material and a preparation method of the hole compensation type skutterudite thermoelectric material. The hole compensation type skutterudite thermoelectric material is shown in the following description: RyA(4-x)BxSb12/z NC, wherein x is equal to or greater than 0.01 and equal to or less than 0.5, y is equal to or greater than 0.01 and equal to or less than 1 and z is equal to or greater than 0% and equal to or less than 10%; R is selected from at least one of the following group of elements: Ca, Ba, La, Ce, Pr, Nd and Yb; A is selected from at least one of the following group of elements: Fe, Co and Ni; B is selected from at least one of the following group of transition metal elements: Ti, V, Cr, Mn, Fe, Nb, Mo, Tc and Ru, and electron number of the element B is less than that of the element A; and NC is in phase II, wherein z is mole% in the phase II of the thermoelectric material. The invention also provides the preparation method of the hole compensation type skutterrudite thermoelectric material.