The invention discloses an oxide rotating target material and a preparation method thereof. The preparation method comprises the following steps: (1) mixing praseodymium oxide powder, gallium oxide powder, zinc oxide powder and indium oxide powder, adding a dispersing agent, a binding agent, water and a defoaming agent, and carrying out ball milling to obtain mixed slurry; (2) carrying out spray granulation on the mixed slurry to obtain powder for the oxide rotating target material; (3) guiding the powder for the oxide rotating target material into a mold, and performing cold isostatic pressing forming to obtain a target material green body; and (4) carrying out degreasing heat treatment on the target material green body, cooling to normal temperature, then carrying out sintering treatment, and naturally cooling to obtain the oxide rotating target material. On one hand, praseodymium oxide is doped with indium gallium zinc oxide, so that the carrier mobility of the target material is improved, and the resistivity of the target material is reduced; and on the other hand, the tubular oxide rotating target material is prepared through the method, the sputtered oxide film is better in uniformity and stability, recycling is more economical, and the carrier mobility of the film is high.