The invention discloses a high-strength wear-proof silver alloy and a preparation method thereof. The high-strength wear-proof silver alloy comprises the following chemical ingredients by weight percentage: 0.01-3.0% of Co, 0.01-3.0% of Mo, 0.01-3.0% of Cr, 0.01-3.0% of Yb, 0.01-3.0% of Gd, 0.01-3.0% of Sm and the balance of Ag. The high-strength wear-proof silver alloy is prepared by multi-stageelectric arc melting and suction-casting methods and is uniform in chemical ingredients; ten alloy ingot blanks can be subjected to automatic continuous electric arc melting; ten cast ingots can be subjected to vacuum suction casting; and the oxygen content of the ingot blanks is less than or equal to 30ppm. The silver alloy is high in preparation efficiency, short in processing technique flow andhigh in finished product rate, has the characteristics of good electric and thermal conductivity, high room temperature strength, wear resistance, good workability and the like and can be used as a material of an electrical engineering contact, an electric brush, a commutator bar, a conductive rod, a resistance welding electrode, a lead wire frame and the like in the industries of electrical engineering, electronics, electromechanics, electric power, energy sources, traffic and the like.