The invention discloses a glass mold material, which is high in performance and applicable to small-hole blowing and pressing, and a preparation method thereof. The glass mold material for small-hole blowing and pressing comprises the following chemical components by mass percent: 3.30-3.65% of carbon, 1.90-2.10% of silicon, 0.50-0.80% of manganese, 0.60-0.80% of molybdenum, 0.09-0.15% of vanadium, 0.19-0.25% of titanium, 0.40-0.70% of nickel, no more than 0.60% of chromium, no more than 1.00% of copper, less than 0.30% of phosphorus, less than 0.08% of sulphur, 0.007-0.012% of rare earth, and the balance being iron and normal trace impurity. The material overcomes the defects of the material performance of a bottle-making machine under high-speed rotation besides the advantages of the traditional vanadium-titanium-molybdenum cast-iron glass mold material, and further improves the hardness and the toughness of the material, so that the material has better abrasive resistance, heat resistance and high-temperature oxidation resistance, and the glass mold prepared from the material has better stability, and more accords with the demands of a small-hole blowing and pressing process, so as to meet the lightweight needs of a glassware factory.