The invention discloses a preparation method for a metal ceramic material containing an intermetallic compound binding phase. The preparation method is characterized by comprising the following steps of: firstly, preparing a composite binding phase of Ni(OH)2 coated Al, and a composite hard phase of Ni(OH)2 coated (Ti0.5, Mox, W0.5-x) (C,N) particles, wherein x ranges from 0 to 0.5; mixing the composite binding phase with the composite hard phase to obtain a mixed phase, pressing and forming after performing processes such as ball-milling, filtering and drying; and finally, performing two-stage atmosphere sintering, namely converting Ni(OH)2 into Ni in Ar/H2 atmosphere at a low temperature, and performing vacuum sintering on Ni and Al at a high temperature to generate reaction to form Ni3Al, finally preparing the metal ceramic material containing the intermetallic compound binding phase. The preparation method overcomes the problems that in the prior art, Al is liable to oxidize, crushing and uniform dispersing are difficult, volatilization loss is easily caused, and holes are easily formed by sintering migration, and a Ni3Al phase is formed in situ in a sintering process; and moreover, uniform distribution around the hard phase is realized, and the prepared metal ceramic material can be used for manufacturing cutting tools and anti-oxidization parts.