The invention relates to a hard alloy material taking a Co-Cu alloy as a bonding phase, which consists of the Co-Cu alloy, C and WC. The Co-Cu alloy is prepared by a co-precipitation method. A preparation method comprises the following steps of: weighing the Co-Cu alloy, the C and the WC according to the designed component proportion of the hard alloy material, mixing, performing ball milling, adding a forming agent, uniformly stirring, sieving, and performing die pressing in a die to form a compact; and putting the compact in argon atmosphere, performing pressure sintering, and cooling with a furnace to obtain the hard alloy material taking the Co-Cu alloy as the bonding phase. The hardness and bending strength of a hard alloy prepared by using the Co-Cu bonding phase are superior to those of the conventional hard alloy using a Co bonding phase; Co-Cu powder is cheaper than Co powder, and Co-Cu is taken as a main bonding phase of a material system, so that production cost is reduced;and the Co-Cu hard alloy has high high-temperature oxidation resistance and is suitable for industrial production.