The invention relates to an abrasive wheel and a preparing method thereof, in particular to an iron rail grinding abrasive wheel and a preparing method thereof, and belongs to the technical field of grinding wheels. The iron rail grinding abrasive wheel comprises a base body and a grinding body. The grinding body comprises following components including, by weight, 100-110 parts of abrasive materials, 5-10 parts of modified phenolic resin liquor, 10-15 parts of modified phenolic resin powder and 25-35parts of filler. According to the iron rail grinding abrasive wheel, nano palygorskite is adopted for modification, and heat resisting performance of phenolic resin can be improved; meanwhile, a nano material and high polymer are mixed, tenacity, strength, high temperature resistance and other properties of the polymer materials can be improved; and meanwhile, the defect that reinforcing and toughening cannot be conducted on ordinary rigidity particles at the same time is overcome.