The invention discloses anti-corrosion and anti-wear high manganese steel and a preparation method thereof. The high manganese steel consists of the following components in percentage by weight: 1.0-1.2% of carbon, 14-15% of manganese, 0.48-0.6% of silicon, 10.5-12.5% of chromium, 0.5-0.6% of molybdenum, 0.3-0.5% of nickel, 0.1-0.3% of aluminum, 0.08-0.12% of copper, 0.01-0.02% of nitrogen, 0.01-0.03% of rare earth element, less than or equal to 0.03% of phosphorus, less than or equal to 0.03% of sulfur and the balance of iron. The preparation method comprises: (1) smelting: adding alloy and metal raw materials including technically pure iron, nitrided ferrovanadium, ferromanganese, technically pure aluminum and the like into an electric furnace, heating to melt all the alloy and metal raw materials, maintaining for 30 minutes at the temperature of 1,730-1,750DEG C, and discharging at the temperature of 1,460-1,500 DEG C; (2) casting; (3) heat treatment after casting; and (4) product acceptance. The anti-corrosion and anti-wear high manganese steel has the advantages of good anti-corrosion property, good anti-wear property, good impact toughness, long service life and short production period.