The invention discloses a novel platinum alloy electrical contact material and a preparation method thereof, belonging to the electrical contact material. The platinum-iridium alloy comprises the following chemical compositions by weight percent: 5.0-30.0% of Ir, 0.1-5.0% of Nb, 0.1-5.0% of Zr, 0.1-5.0% of Mo, 0.1-5.0% of Ta, 0.1-5.0% of Yb, 0.1-5.0% of Gd, 0.1-5.0% of Tb and the the balance Pt. The preparation method comprises the following steps: proportioning with the metal elemets such as Pt, Ir, Nb, Zr, Mo, Ta, Yb, Gd and Tb according to the design formulation of the chemical compositions, preparing PtIrNbZrMoTaYbGdTb alloy containing nine elemets in a high frequency melting furnace or a medium frequency melting furnace, and adopting rolling, drawing, heat treatment and other technologies to process the alloy and finally obtain the finished product which is shaped like a sheet, a rod, a contact or the like. The alloy material is characterized by high melting point and hardness, corrosion resistance, low contact resistance, high fusion welding resistance and arc ablation resistance and the like, is an electrical contact material with good performance and has wide application prospect in the fields such as aviation, aerospace, ships, automobiles, electrical and mechanical, electric appliances, electronics and communication.