The invention discloses an arc spraying solid wire and a method for preparing a high-temperature oxidation resistant coating layer therefor. The arc spraying solid wire is a FeCrAl base alloy, and consists of the raw materials in percentage by weight: 19-26 wt% of Cr, 5-9 wt% of Al, 0.05-0.08 wt% of Si, 0.05-0.08 wt% of C, 0.1-0.5 wt% of rare earth oxide Y2O3 and CeO2 mixture, and the balance of Fe. The method for preparing the high-temperature oxidation resistant coating layer for the solid wire for comprises the process of: burdening, smelting, filtration, casting, rolling, drawing, annealing, finishing, surface treatment, finished wire obtaining, high-temperature oxidation resistant coating layer forming. The method has the following advantages: the alloy wires with different components can be prepared through changing the ratios of all alloy components; the high-temperature oxidation resistance of the coating layer can be prominently improved through properly increasing the ratio of rare earth elements; the alloy wire has continuity and uniformity; and the prepared coating layer is better in high-temperature oxidation resistance.