The invention discloses a fiber structure AgNi electrical contact material and a preparation method thereof, wherein the weight of Ni wild phase accounts for 3-10% based on the total weight and the balance of Ag; and the material has obvious continuous fibrous Ni wild phase and the diameter of the fibrous wild phase is between 0.5 mum and 10 mum. The invention adopts the method of smelting unidirectional solidification and follow-up forging extrusion, has the advantages of easy operation, simple process and low cost, and avoids the defects of complex process, easy impurity introducing and high manufacturing cost in the traditional powder metallurgy preparation method. The AgNi composite material obtained by the method has obvious fibrous Ni wild phase organizational structure, and the arcablation resistance, conductivity, tensile strength and melting-welding resistance are all improved compared with the contact material enhanced by particle dispersion of the same material system.