The invention relates to the field of steel manufacturing, in particular to steel for an engraving cutter die and a preparing method of the steel. The steel comprises components including, by weight percent, 0.1 to 0.5% of C, 7 to 12% of Cr, 1.5 to 3% of Ni, 2.8 to 5% of Mn, 0 to 2% of Nb, 0 to 2% of V, 0 to 2.5% of Ti, 1 to 2.5% of Hf, 1.2 to 3% of Zr, 2 to 4% of W, 0.5 to 1.5% of Mo, 0.8 to 2.2%of Ru and the balance Fe. The preparing method comprises the steps of weighing the steel components, heating and melting the weighed raw materials, casting to obtain a casting blank, carrying out ultrasonic solid-solution treatment, secondarily tempering and obtaining the steel.