The invention discloses an Al-MR-TM-TE aluminum-based amorphous alloy and a preparation method thereof. MR is a single rear earth element or mixed rear earth elements, such as La, Ce, Pr, Nd, Pm, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb or Y; TM is a transitional metal element, such as Sc, Ti, V, Cr, Mn, Fe, Co, Ni, Cu, Zn, Zr, Nb, Mo, Hf, Ta or W; TE is a trace element, such as B, Si, Ga, Ge, As, Se, Sb or Te; the amorphous alloy comprises the following constituents: 85.0-92.0 at.% of Al, 4.0-9.0 at.% of MR, 3.0-12.0 at.% of TM, and 0-1.0 at.% of TE. The preparation method of the amorphous alloy comprises the following steps: burdening the materials according to the defined constituents, conducting vacuum induction melting to prepare a mother alloy, and under the protection of Ar gas, quickly performing a melt-spinning to prepare the amorphous ribbon material, wherein the copper roller linear velocity is 35-45 m/s when the melt-spinning is performed; the injection pressure of the melt is 0.1-0.3 MPa; the vacuum degree is 2-10<-3> Pa. The Al-MR-TM-TE aluminum-based amorphous alloy and the preparation method of the Al-MR-TM-TE aluminum-based amorphous alloy disclosed by the invention have the advantages that constituent ratio is reasonable, the amorphous forming ability is strong, the preparation method is simple, and the industrialized production is achieved.