The invention provides honing oilstone containing vanadium and zirconium and a preparation method thereof, and relates to the technical field of precision machining. The honing oilstone is mainly composed of vanadium, zirconium, copper, silver, aluminum, zinc, tin, iron, nickel, cobalt, lead, an adhesive, a superhard material and the like. According to the honing oilstone, the problems that in the prior art, due to the single grinding property of honing oilstone composed of a single grinding material, the grinding effect on materials hard to machine is not ideal, certain use limitations exist, and even though multi-element mixed type honing oilstone imported from abroad can achieve a very good grinding machining effect, the multi-element mixed type honing oilstone is short in service life and high in price are solved. The prepared honing oilstone achieves the technical effects of being excellent in self-sharpening performance, sharp in grinding, high in grinding quality, high in grinding speed, resistant to high temperature and long in service life.