The present invention relates to a zirconium alloy composition having excellent corrosion resistance for nuclear applications and a method of preparing the same. The zirconium alloy composition having excellent corrosion resistance for nuclear applications includes 1.3~2.0 wt% of niobium, 0.05~0.18 wt% of iron, 0.008~0.012 wt% of silicon, 0.008~0.012 wt% of carbon, and 0.1~0.16 wt% of oxygen, with the balance being zirconium, or includes 2.8~3.5 wt% of niobium, 0.2~0.7 wt% of at least one of iron and copper, 0.008~0.012 wt% of silicon, 0.008~0.012 wt% of carbon, and 0.1~0.16 wt% of oxygen, with the balance being zirconium. The present invention further relates to a method of preparing the zirconium alloy composition as described above, as well as high burn-up nuclear fuel cladding tubes, nuclear fuel assembly support grids and structural components of nuclear power plants made therefrom. The invention further relates to a method of preparing a zirconium alloy composition as described above, as well as high burn-up nuclear fuel cladding tubes, nuclear fuel assembly support grids and structural components of nuclear power plants made therefrom.