The invention provides high-strength bolting steel which comprises components in percentage by weight as follows: 0.05%-0.5% of rare earth elements, 0.35%-0.45% of carbon, 1.2%-1.8% of chromium, 0.17%-0.37% of silicon, 0.4%-0.8% of molybdenum, 0.2%-0.4% of vanadium, 0%-0.005% of niobium and the balance of iron, wherein the rare earth elements are one or two of lanthanum and cerium. According to the high-strength bolting steel, one or two of lanthanum and cerium as well as elements of chromium, silicon, carbon, vanadium, niobium, iron and the like are added, and the metallic elements are interacted and mutually matched, so that the bolting steel has higher strength and plasticity. The invention further provides a preparation method of the bolting steel. The bolting steel has higher tensile strength and plasticity, effectively resists deformation of a critical area of electric power arrester equipment due to strong wind effect, and improves the wind vibration capacity of the whole equipment.