The invention discloses a preparing method for a high-strength abrasion-resisting foam iron alloy, and belongs to the technical field of foam metal preparation. According to the preparing method, aluminum powder, iron oxide, limestone, teflon and n-hexane are mixed to be ground in a colloid mill, after drying, the mixture is sieved, and mixed powder is collected and then stirred with potassium chlorate serving as combustion improver and magnesium powder serving as an ignition agent to be discharged; materials are added in a die and then ignited through a magnesium rod, the spontaneous reaction of the materials in the die is triggered, the high-temperature environment is formed, the limestone is decomposed to generate gas, and the materials are foamed; and after washing and drying are conducted, under the high temperature condition, hydrogen is diffused into the foamed materials to reduce metallic oxide in the foamed materials, and the high-strength abrasion-resisting foam iron alloy is obtained through cooling. The living example proves that the preparing technology is simple and convenient to conduct, and the prepared materials are high in strength, resistant to oxidization and good in abrasion resistance and have wide application prospects.