The invention relates to a grinding wheel used for QFN packaging chip cutting and a preparing method of the grinding wheel, and belongs to the technical field of grinding apparatuses. The grinding wheel used for QFN packaging chip cutting comprises a core layer and surface layers arranged on the surfaces of the two sides of the core layer; each surface layer comprises surface layer diamond and components, and the components comprise, by weight, 55-65 parts of phenolic resin or epoxy resin, 10-15 parts of tungsten carbide and 3-6 parts of cubic boron nitride. The grinding wheel has the beneficial effects of a resin binder and a metallic binder, and has the beneficial effects of being excellent in cutting quality, good in grinding wheel rigidity, suitable for high-speed cutting, good in grinding wheel self-sharpening performance and long in service life. During QFN packaging chip cutting, copper lead galling and cutting collapsing openings are small, melting tin and core sheet layering phenomena are avoided, the grinding wheel cutting speed can reach 200 mm/s or above, and QFN high-speed cutting requirements can be met; and in addition, the service life of the grinding wheel is obviously prolonged, the core layer and surface layer abrasion rates are matched, and the grinding wheel cutting edge shape keeping performance is good.