The invention relates to a ball mill lining plate. The ball mill lining plate comprises the following chemical components in percentage by weight: 0.45-0.55% of C, 0.8-1.2% of Si, 0.8-1.2% of Mn, 1.7-2.0% of Cr, 0.30-0.50% of Ni, 0.20-0.50% of Mo, 0.03-0.06% of RE, 0.02-0.05% of Al, not more than 0.025% of P, not more than 0.025% of S, and the balance of Fe. The invention further provides a preparation method of the ball mill lining plate. Alloy elements and rare earth elements are optimally mixed in molten steel for LF furnace refining, so that the purity of the molten steel is improved, the refined crystalline strengthening effect on the lining plate is achieved, an obtained tempered martensite structure improves the wear resistance, the lining plate is long in service life, the impact toughness and the strength are improved, the frequency of replacing the lining plate in a factory is reduced, and the labor intensity is reduced; and raw materials of the ball mill lining plate are easy to obtain, and the ball mill lining plate is simple in preparation method, uses common waste steel and the like as the production raw materials, realizes the recycling, and effectively saves the energy.