The invention relates to a preparing method of an ultrahigh manganese multielement rare earth wear-resisting alloy steel liner plate. The liner plate comprises the following components in percent by mass: 0.9 to 1.4% of C, 16.0 to 19.0% of Mn, smaller than 1.0% of Si, 1.5 to 3.0% of Cr, 0.3 to 1.0% of Mo, 0.2 to 0.5% of V, 0.1 to 0.4% of Ti, smaller than 0.3% of CU, smaller than 0.035% of S, smaller than 0.05% of P, 0.2% of RE and the balance of steel. The preparing method of the liner plate comprises the following steps of: adding into a smelting furnace for smelting and casting the liner plate, placing the liner plate into a thermal processing furnace for normalizing, quenching and tempering; air cooling processing; tempering the air-cooled liner plate at low temperature; performing mechanical performance test, grinding and polishing. The preparing method has the beneficial effects that the alloy steel has the tenacity strength of common high manganese steel, substrate initial hardness is enhanced, the material is fast hardened by small energy impact in use, and achieves a excellent wear-resisting capability, the service life of the product is improved, productivity is improved, production cost is reduced, and resource waste is reduced.