The invention particularly discloses high chromium ledeburite cold work die steel with high tenacity and high abrasive resistance, and a preparation method thereof. The problems that the existing D2 cold work die steel easily generates serious carbide segregation so as to result in low tenacity, small gaps and raptures are solved. The high chromium ledeburite cold work die steel with high tenacity and high abrasive resistance is prepared from the following raw materials by mass percent: 1.40-1.65% of C, no more than 0.60% of Si, no more than 0.60% of Mn, no more than 0.020% of S, no more than 0.020% of P, 8-13.00% of Cr, 0.70-1.20% of Mo, 0.20-1.00% of V, 0.005-0.20% of Nb, 0.003-0.02% of RE, no more than 0.25% of Ni, no more than 0.30% of Cu, and the balance of Fe and impurities. The high chromium ledeburite cold work die steel is excellent in overall performance, and can replace cold work die steel such as Cr12MoV, D2 steel and the like, the tenacity and the abrasive resistance of the die are improved, and the service life is greatly prolonged. Thus, the use cost is reduced, the usable range is expanded, and the problems of poor tenacity, tipping or rapture, low wear resistance and the like in special service environments such as large impact load, high work speed, high accuracy, long service life and the like can be effectively solved.