The invention discloses a boracic titanium carbonitride based cermet tool bit material and the preparing method thereof. The tool bit material is based on carbonitride as the parent metal, characterized in the tool bit is composed of 0.005% to 0.25% by mass of boron, 6% to 11% by mass of C, 2% to 7% by mass of N, 35% to 70% by mass of Ti, 5% to 20% by mass of W, 0 to 12% by mass of Mo, 0 to 9% by mass of Ta, 1% to 7% by mass of Nb and 6% to 25% by mass of Co and Ni, wherein boron is prepared by adding one or more selected from single substance boron, titanium diboride, molybdenum boride, boron carbide and boric oxide which are in raw material power form. The tool bit material is prepared mainly by mixing the raw material, ball-milling dispersing, press forming, pre-sintering and high-temperature sintering, its high-temperature hardness, high-temperature strength, red hardness and inoxidability are obviously improved, the cutting speed is greatly increased, and the service life is notably entended.