The invention relates to a grinding wheel and a preparation method thereof, in particular to a rail polishing and grinding wheel and a preparation method thereof, and belongs to the technical field of grinding wheels. The rail polishing and grinding wheel comprises a base body and a grinding body; a through hole is formed in the middle of the base body; one end face of the base body is provided with a plurality of mounting columns evenly surrounding the periphery of the through hole; the other end of the base body is provided with a plurality of connection columns evenly surrounding the periphery of the through hole; the base body is fixedly connected with the grinding body through the connection columns; and the outer side wall of the grinding body is wound with fiber glass filaments. The rail polishing and grinding wheel is modified by organic imvite so that the heat resistance of phenolic resin can be improved; and meanwhile, nano materials and high polymers are mixed, so that the properties like toughness, strength and high-temperature resistance of the polymer materials are improved, and the defect that strength and toughness of ordinary rigid particles cannot be enhanced at the same time is overcome.