The invention relates to the technical field of manufacturing of abrasion resistant materials, in particular to a preparation technology of a high-strength and high-toughness abrasion resistant lining board of a semi-automatic mill. Lining board alloy comprises, by weight, 0.8%-1.2% of C, 19%-25% of Mn, 0.5%-0.8% of Si, 1.5%-2.2% of Cr, 0.3%-0.8% of Mo, 0.2%-0.5% of V, 0.05%-0.1% of Ti, 0.01%-0.1% of N, less than or equal to 0.07% of P, less than or equal to 0.05% of S, less than or equal to 0.1% of Re, and the balance Fe. The casting temperature of the alloy ranges from 1450 DEG C to 1500 DEG C, the alloy is cooled to the temperature below 200 DEG C after casting molding is completed, and then the alloy is placed in a heating furnace to be subjected to heating and heat preservation treatment, wherein the heating temperature is maintained at 1050 DEG C to 1080 DEG C for 4-6 hours; the alloy is subjected to water toughening after being heated, and low-temperature tempering is conducted on the alloy after water toughening is completed, wherein the tempering temperature is maintained at 200-400 DEG C for 4-6 hours; and the alloy is subjected to rare earth modification treatment before being cast, standing is carried out for 5 minutes, and then the alloy starts to be cast. The preparation technology has the beneficial effects that according to the high-strength and high-toughness abrasion resistant lining board produced according to the formula and manufacturing method, the yield strength is 500-650 MPa, the tensile strength is 900-1100 MPa, the percentage of elongation is higher than 40%, the room temperature impact power AKu is higher than 150 J, and the HRW is higher than 22.