Copper-chromium-zirconium alloy is characterized by being prepared from the following raw materials in percent by weight: 0.2-1.2% of chromium, 0.05-0.2% of zirconium, 0.06-0.10% of magnesium, 0.05-0.5% of scandium and the balance of copper. The invention further provides a preparation method of the copper-chromium-zirconium alloy. The preparation method sequentially comprises the following steps:(1), proportionally preparing copper, chromium, zirconium, magnesium and scandium elements, performing vacuum smelting, and performing split casting to obtain a casting blank; (2), performing homogenizing treatment and hot extrusion on the casting blank to obtain a bar blank; (3), performing solid solution treatment to the bar blank; (4), performing cold deformation processing on the bar blank obtained after the solid solution treatment; (5), performing aging treatment to a material obtained after the cold deformation processing to obtain the needed copper-chromium-zirconium alloy. The copper-chromium-zirconium alloy has high tensile strength, high electrical conductivity and high elongation and has relatively high high-temperature tensile strength and excellent comprehensive performance.