The invention relates to the technical field of steel for high-speed locomotive wheels, and discloses bainite wheel steel for a high-speed train. The steel comprises, by weight percent, 0.36% to 0.48% of C, 0.68% to 1.0% of Mn, 0.25% to 0.50% of Si, 0.8% to 1.5% of Cr, 0.02% to 0.08% of Y, smaller than 0.020% of P, smaller than 0.020% of S and the balance Fe and inevitable elements. A bainite wheel steel structure is a sheet-shaped bainite ferrite and rod-shaped carbide precipitated out of the sheet-shaped bainite ferrite. The invention further discloses a preparing method of the wheel steel. The wheel steel and the method have the beneficial effects that on the basis of the high strength and hardness, the rolling-resisting contact fatigue performance of the yttrium-containing wheel steel obtained through unique alloying design and the heat treatment technology is obviously improved, the high-speed train wheel treading face peeling-off phenomenon is greatly reduced, it is ensured that a high-speed train wheel has the good use safety performance, and the service life of the wheel is prolonged.