The invention discloses a novel preparation method of AgMgNi alloy conducting rings, which comprises the following process route: melting pure silver and degassing after pumping to be high vacuum pumping, preparing an AgMgNi alloy under the protection of high-purity Ar gas, protecting with N2 in a remelting process to prevent oxidation burning loss, preparing a forming blank by a die casting forming technology and acquiring a finished product through cold processing. The key technology of the method aims at selecting the technical parameter of the die casting forming technique of the AgMgNi alloy and effectively controlling the forming process. The preparation method has the characteristics of no segregation, short flow and die-casting molding, the prepared product has compact surface texture, high rigidity and good electric conductivity, and the rate of the finished product reaches more than 90 percent.