The invention provides a zinc-aluminum-base heat-resistant and wear-resistant alloy material and a preparation method thereof. Components of the material can form special compounds, so the heat resistance of an alloy is improved and at the same time the wear resistance of the alloy is improved because special magnesium compound can improve tenacity of the alloy. The method has the advantages of simple process, low production cost and convenient industrial production. In the alloy material, zinc-aluminum alloy serves as a substrate and fine magnesium compound phases are uniformly distributed on the zinc-aluminum alloy substrate. The alloy material comprises the following components in percentage by weight: 28 to 39 percent of Al, 5.1 to 9.9 percent of Si, 5.1 to 9.9 percent of Sn, 11 to 15 percent of Mg, 0.5 to 1.5 percent of Fe, 0.08 to 0.015 percent of C, 0.5 to 1.5 percent of Y and the balance of Zn.