The invention provides a vanadium and titanium contained non-oriented electrical steel with high magnetic induction and low iron loss, relating to the field of metallurgy. The non-oriented electrical steel comprises the following chemical compositions in percentage by weight: 0.001-0.005% of C, 1.10-1.15% of Si, 0.15-0.35% of Mn, not more than 0.025% of P, not less than 0.08% of S, 0.20-0.30% of Als, not more than 0.004% of N, more than 0 but not more than 0.01% of Ti, more than 0 but not more than 0.01% of V and the balance of Fe and unavoidable purities. The precipitation of dispersed tiny vanadium oxides, titanium oxides and carbon oxides is reduced through reasonable composition design. In the preparation method, the temperature of heating is from 1140 to 1170 DEG C, the start rolling temperature of fine rolling is not less than 1030 DEG C, the finish rolling temperature is from 890 to 930 DEG C, and the temperature of coiling is not less than 650 DEG C. The formation and the influence of vanadium precipitates and titanium precipitates are further inhibited from physical thermodynamics and dynamics through technical design. The vanadium and titanium contained non-oriented electrical steel meeting electromagnetic property requirements can be produced by inhibiting the negative influence of vanadium and titanium; the resource range of raw materials for smelting the non-oriented electrical steel is expanded, and particularly, and the production cost of non-oriented electrical steel can be effectively reduced by utilizing the recycled steel.