The invention relates to an alloy-oxide complex phase heat storage refractory material and a preparation method thereof. According to the technical scheme, silica powder and aluminum powder are taken as raw materials, the content of the silica powder is gradually increased to the sixth grade, namely, 39wt% from the first grade, namely, 3wt%, the content of the aluminum powder also changes with the content of the silica powder, and six grades of raw materials are obtained. The six grades of raw materials are uniformly stirred and subjected to electric smelting and cold drawing at the temperature of 600-1,500 DEG C, and six grades of alloy wires are manufactured in advance. The alloy wires of the first grade to the nth grade are wound sequentially to form an alloy ball with the equal thickness in the radius direction, and n is a natural number ranging from 3 to 6. A silane coupling agent is sprayed on the surface of the alloy ball, composite slurry is sprayed, and a raw ball blank is obtained; the raw ball blank is dried and fired at the temperature of 1,200-1,500 DEG C, and the alloy-oxide complex phase heat storage refractory material is obtained. The prepared product has the characteristics of being resistant to high temperature, resistant to erosion, short in reversing time, high in heat exchange performance, long in service life, good in reusability and free of pollution.