The invention belongs to the field of PCBN (polycrystalline cubic boron nitride) cutter materials and discloses a novel PCBN (polycrystalline cubic boron nitride) cutter material and a preparation method thereof. The PCBN cutter material is prepared from raw materials in percentage by weight as follows: 25%-95% of CBN powder and 5%-75% of a binding agent, wherein the binding agent is prepared from composition a and composition b, the composition a is prepared from, in percentage by weight, larger than 0 and smaller than or equal to 20% of zirconium oxide, larger than 0 and smaller than or equal to 5% of ytterbium aluminum garnet or zirconium oxide, and the balance of TiB2 powder; the composition b is prepared from, in percentage by weight, 1-10% of metal powder, larger than 0 and smaller than or equal to 20% of zirconium oxide, larger than 0 and smaller than or equal to 5% of ytterbium aluminum garnet or zirconium oxide and the balance of TiB2 powder; the metal powder is one of or a mixture of Ti powder and Al powder. The prepared PCBN cutter material is high in hardness and has excellent high-temperature performance.