The invention discloses non-oriented silicon steel with low iron loss and high magnetic polarization intensity and a preparation method of the non-oriented silicon steel. The non-oriented silicon steel comprises chemical components in percentage by weight as follows: smaller than or equal to 0.0050% of C, smaller than or equal to 1.70% of Si, 0.15%-0.50% of Mn, 0.010%-0.025% of Als, 0.0010%-0.0050% of S, 0.0010%-0.0030% of N, smaller than or equal to 0.0050% of O and the balance of Fe and inevitable impurities. The non-oriented silicon steel is prepared by steps as follows: molten iron pretreatment, converter steelmaking, vacuum treatment, continuous casting, hot rolling, normalizing treatment, rolling, annealing, coating of an insulating layer and stretch leveling annealing. By means of adjustment for alloy components and process, under the condition of no addition of precious metal, the non-oriented silicon steel with low iron loss and high magnetic polarization intensity is obtainedwith a reasonable technological measure, Si content of the non-oriented silicon steel is 1.7% or lower and Al content is 0.010%-0.030%; meanwhile, a ratio of rolling direction (L) to transverse direction (C) of the magnetic polarization intensity is controlled to be 1.2 or lower, and product anisotropy is low. Besides, product surface hardness HV1 is controlled in a range of 140-170, and the punching processing requirement can be met better.