The invention discloses an oxidation-resistant alloying grey cast iron and a preparation method of the oxidation-resistant alloying grey cast iron. The cast iron comprises the following components by mass percentage: 3.0-3.2% of C, 1.8-2.0% of Si, 0.50-0.70% of Mn, 0.10-0.50% of Cr, 0.20-0.30% of Ni, 0.03-0.50% of Mo, 0.5-3.0% of Al, 0.05-0.08% of Sr, 0.005-0.15% of Zn, and the balance of Fe and inevitable impurities. The preparation method comprises the steps of melting raw materials, culturing and processing, and pouring, wherein the tapping is carried out at 1450 to 1550 DEG C after melting; the molten iron is processed by being flushed in a ladle and cultured and processed along with the flow, and then slagged and casted. According to the oxidation-resistant alloying grey cast iron provided by the invention, the organization of the grey alloying cast iron material is structured by distributing 6-8 grades of D type graphite with little graphite of A type on a ferrite substrate, so that higher toughness, high heat conductivity and high-temperature oxidization resistance can be achieved, and good casting technical performance can be ensured as well; and the oxidation-resistant alloying grey cast iron can be applied to manufacturing a glass die and a light alloy metal type casting die which can bear the heat impacting of high-temperature formed liquid and cold-heat alternating stress for a long time.