The invention relates to a method for preparing a K417G alloy by using a DZ417G alloy return material. The method comprises the following steps of: smelting the DZ417G alloy return material for the first time after preprocessing the return material, mixing the following materials in mass percent: 0.18-0.22 percent of C, 5.1-5.5 percent of Al, 4.4-4.6 percent of Ti, 9.1-9.4 percent of Cr, 9.8-10.5percent of Co, 2.8-3.0 percent of Mo, 0.017-0.022 percent of B, 0.70-0.75 percent of V, 0.06-0.08 percent of Zr and the balance of Ni, smelting the mixture for the second time to prepare the K417G alloy, refining at temperature ranging from 1550 DEG C to 1590 DEG C for 20min to 30min, and then casting after refining. The invention fully utilizes the DZ417G alloy return material, reduces waste of noble metal resources, and ensures that the prepared K417G alloy has the advantages of good plasticity, high intermediate temperature intensity and good stability through twice smelting. The sigma-phase is not dissolved after being aged for a long time at 850 DEG C, and the K417G alloy can be widely applied to engines of various types.