The invention discloses a method for preparing a hot stamping mold insert on the basis of an electric arc additional material and laser cladding. The method comprises the following steps that a, the shape of a lower half part of a follow-up cooling water channel is machined on an ordinary forged steel or cast steel base body; b, an aluminum alloy pipeline corresponding to the follow-up cooling water channel in shape is pressed into the shape part of the lower half part of the step a; c, the surfaces of the base body and the aluminum alloy pipeline are subjected to electric arc additional material manufacturing of transition layers; d, the mold inserted after electric arc additional material manufacturing is subjected to high-temperature tempering, and the aluminum alloy pipeline is fused to form the follow-up cooling water channel; f, reinforcing layers resistant to high-temperature abrasion are formed on the surfaces of the transition layers after machining in a laser cladding mode; and g, the reinforcing layers on the surface of the insert are mechanically machined, so that the insert meets the requirements of the mold cavity surface shape and size precision. The method solves the problem that a follow-up cooling water channel is difficult to machine, the service life of a mold is prolonged, the cooling efficiency of the mold is improved, and the manufacturing cost of the mold is reduced.