The invention discloses a high-strength and wear-resistant oxide-based metal ceramic bearing and a preparation method thereof. The high-strength and wear-resistant oxide-based metal ceramic bearing is prepared from the following raw materials in parts by weight: 60-70 parts of aluminum oxide, 45-55 parts of zirconium oxide, 14-20 parts of iron powder, 2-9 parts of realgar powder, 10-20 parts of dickite powder, 3-11 parts of pyrrhotite powder, 3-8 parts of graphene, 2-6 parts of iron citrate, 10-15 parts of glass fibers and 12-16 parts of synthetic wax. Compared with the traditional metal ceramic bearing, the high-strength and wear-resistant oxide-based metal ceramic bearing prepared by using the method disclosed by the invention has higher strength, wear resistance and heat resistance so that the bearing is not deformed at high temperature and is not easily worn; in addition, the preparation method is simple in process, low in processing cost and suitable for large-scale industrial production, parameters are easily controlled, and the production process is safe and environment-friendly.