The invention discloses alkaline zinc-iron alloy electroplate liquid, a preparation method and an electroplating process. The alkaline zinc-iron alloy electroplate liquid is prepared from ZnO, NaOH, ferrous sulfate, triethanolamine, edetic acid, amic citrate, tartaric acid, 1-benzyl pyridin om-3-carboxylate, a quaternary ammonium compound of dimethyl amine chloropropanol, thiourea, heliotropin and water. The thickness of plating of an electroplated product obtained through the electroplate liquid formulation ranges from 10 micrometers to 15 micrometers, no white rust is generated after a neutral salt spray test is carried out for 200 hours, and no red rust is generated after the neutral salt spray test is carried out for 1,000 hours. Compared with the prior art, the beneficial effects that the content of alloy composition iron is easy to control, the electroplate liquid is good in deep plating capacity and even plating capacity, operation is convenient, and the electroplate liquid is stable are achieved.