The invention relates to a TiC material with Ti-Si-Fe alloy as a raw material and a preparation method thereof. The scheme of the preparation method is as follows: proportioning the Ti-Si-Fe alloy and a carbon material as the raw materials at a molar ratio of Ti to C being 1:1, adding 0-3wt% of Mg metal powder and 100-500wt% of KCl-LiCl-KF molten salt by weight of the raw materials and uniformly mixing; then adding the uniformly mixed materials to a graphite crucible or corundum crucible, placing the crucible in a graphite sagger, then placing the graphite sagger in an electric heating furnace, heating under the protection of argon gas or in the absence of air at a heating rate of 1-30 DEG C/min to 850-1200 DEG C, insulating heat for 2-4 hours, and cooling along with the furnace to room temperature; and finally taking out the graphite crucible or corundum crucible, placing in a container, adding hot water, dissolving to remove molten salts, filtering the precipitate to obtain insoluble substances, carrying out gravity treatment separation and drying to obtain the TiC powder. The preparation method provided by the invention has the characteristics of short reaction time, low reaction temperature, simplicity in operation, low production cost and the like, can control product morphology.