The invention relates to a high specific weight tungsten alloy material and a preparation method thereof, and relates to a tungsten alloy material and a preparation method thereof. The invention solves the problems of poor plasticity, low strength, small deflection, large residual force of the prior high specific weight tungsten alloy product, and large equipment tonnage required, long demoulding time, tightly hermetical die and high cost in the method. The high specific weight tungsten alloy material is prepared by tungsten powder, nickel powder, iron powder and cobalt powder. The preparation method comprises the following steps: firstly, preparation of mixed powder A; secondly, preparation of a blank; thirdly, sintering of the blank; fourthly, preparation of mixed powder B; fifthly, preparation of a lubricating medium; and sixthly, acquisition of the high specific weight tungsten alloy material by placing the blank and the lubricating medium into the die for extrusion forming. The high specific weight tungsten alloy material has good plasticity, large strength, large deflection and small residual force. The preparation method is simple, has small equipment tonnage required, short demoulding time and low cost, and has no strict requirement on the die.