The invention provides an energy-saving high-temperature radiating spray coating material for a silicon steel annealing furnace. The energy-saving high-temperature radiating spray coating material comprises the following raw materials: pure corundum, silicon carbide, zirconium oxide, aluminum oxide, a silicate refractory material and a rare earth element oxide. The invention further provides a preparation method of the energy-saving high-temperature radiating spray coating material. According to the invention, the blackness of a base material is improved, excellent properties such as heat resistance, high strength, corrosion resistance, wear resistance and the like are kept, and the overall strength and compactness of a coating are further improved. The activity of reactants can be improved due to the doping of the rare earth element oxide, and at the same time, the rare earth element oxide is a preferable material for doping and stabilizing a coating structure. Further, based on the characteristics of the coating material, after the coating material is sprayed for the first time, a reasonable heating curve of the silicon steel annealing furnace is established; the coating with a dense structure is formed after spraying and combined with a furnace lining well, so that the furnace lining is effectively protected, and the peeling of the refractory material is prevented.