The invention discloses a nickel alloy high in strength and toughness and a preparing method for the nickel alloy. The chemical component of the alloy is NiaZrbHfcFedCoeXf, wherein X is one of metal elements including Cr, Mo, Ti and Cu. The preparing method for the nickel alloy comprises the steps that corresponding metal element pure raw materials are weighed according to the component proportion and then placed in a non-self-consumption vacuum arc smelting furnace to be smelted under the protection of the argon atmosphere, the mixture is directly cooled in a water-cooled copper crucible after uniform smelting, and a nickel alloy ingot with the uniform structure is obtained. The nickel alloy has good mechanics and high compression yield strength and plastic deformation. Fe, the Co, the Cr, the Mo, the Ti and the Cu are utilized for adjusting and controlling the compression strength, the plastic deformation and other performance of the nickel alloy. The alloy has good chemical performance and can resist various acid corrosion and stress corrosion. The alloy production technology is simple, good comprehensive using performance is achieved, and good application prospects are achieved in the electrical industry, the vacuum pipe industry, the chemical industry and the navigation ship industry.