The invention discloses wheel steel for a railway wagon. The wheel steel comprises the following chemical components in percentage by weight: 0.46-0.55% of C, 0.20-0.37% of Si, 0.70-0.85% of Mn, 0.24-0.32% of Cr, 0.020-0.040% of Als, less than or equal to 0.008% of P, less than or equal to 0.008% of S and the balance of Fe and inevitable impurity elements. The invention also discloses a method for preparing wheels by using high-carbon and low-alloy wheel steel for a railway wagon; and the method comprises a heat treatment process; and the heat treatment process comprises the following steps: holding the temperature at 860-880 DEG C for 3-3.5 hours, discharging the wheel steel out of a furnace and cooling the wheel steel with air to room temperature, then holding the temperature at 840-860 DEG C for 4 hours, spraying water to cool a wheel hub for 400 seconds, then holding the temperature at 480-500 DEG C for 5 hours, discharging the wheel out of the furnace and cooling the wheel with air.