The invention relates to low-silver high-strength lead-free tin-based brazing filler metal and a preparation method thereof. The low-silver high-strength lead-free tin-based brazing filler metal is prepared from, by mass, 0.3%-1.0% of silver, 0.5%-0.9% of copper, 0.03%-0.5% of cobalt, 0.1%-1.0% of aluminum oxide, 0-0.05% of microelements and the balance tin. The preparation method of the low-silver high-strength lead-free tin-based brazing filler metal comprises the following steps that silver, tin and copper are smelted into smelting liquid; if cobalt exists in the components, tin and cobalt are added into the smelting solution; if cerium and/or phosphorus exist in the components, adding the copper-cerium alloy and/or the copper-phosphorus alloy wrapped by the tin foil into the molten smelting solution; after all the elements are melted, aluminum oxide powder is added, and smelting is conducted for 2-3 hours at the temperature of 500-600 DEG C; and injection molding. The method is convenient to smelt, low in loss, good in wettability, appropriate in melting temperature, small in welding spot, high in strength, good in reliability and resistant to high temperature.