The invention discloses a special rare-earth 0Cr17Ni4Cu4Nb steel which comprises the following chemical components in percentage by weight: at most 0.07% of C, at most 1.00% of Si, at most 1.00% of Mn, at most 0.035% of P, at most 0.03% of S, 3.00-5.00% of Ni, 15.5-17.5% of Cr, 3.00-5.00% of Cu, 0.15-0.45% of Nb, 0.05-0.25%% of Re and the balance of Fe. The invention also discloses a method for preparing the special steel, which comprises the following steps: smelting, casting, electroslag remelting, casting, forging or hot rolling, solution treatment and aging treatment. The method is characterized in that a rare-earth element is added in the later refining period of the refining furnace, and the superheating temperature of the molten steel before adding the rare earth is controlled within 80 DEG C. By optimizing the forging and heat treatment schedules, the method improves the interior metallurgical structure of the steel, refines the crystal grain of the structure and reduces the internal stress of deformation on the basis of the deformation recrystallization and aging precipitation mechanisms after thermal deformation, thereby enhancing the hardness and plasticity of the material and lowering the crack sensitivity of the material; and thus, the material can satisfy the operating requirements for chemical fiber spinneret die steel.