The invention relates to a high conductivity alloy for a socket. The high conductivity alloy comprises, by weight percentage, 21%-23% of zinc, 2%-3% of aluminum, 0.2%-0.5% of phosphorus, 2.5%-3.5% of silver, 0.1%-0.5% of yttrium and the balance copper. The invention further provides a preparing method for the high conductivity alloy for the socket. The preparing method includes the steps of smelting, pull casting, hot rolling, solid solution, finish rolling, aging treatment and the like. The high conductivity alloy for the socket has the higher electrical conductivity, performance such as elasticity, strength and hardness are excellent, the performance basically reaches or exceeds the performance of a common tin-phosphor bronze material, the requirement of a plug bush of the socket for materials can be completely met, the high conductivity alloy is a quiet suitable substitute material, the using amount of precious metal is less, and the cost is greatly reduced; and meanwhile, the preparing method for the high conductivity alloy for the socket is simple in process, practical and suitable for industrial large-scale production.