The invention discloses a high temperature resisting and high abrasion resistance hard alloy. By adjusting the proportion of cobalt powder, nickel powder, iron powder, tungsten carbide, titanium carbide, tantalum carbide and silicon carbide, the above raw materials are scientifically subjected to mixing, vacuum high-temperature pressing forming and sintering, and the obtained high temperature resisting and high abrasion resistance hard alloy has better intensity and hardness. Hard alloy crystalline grains of the high temperature resisting and high abrasion resistance hard alloy are distributedevenly, the content of coarse grains is low, the grain size dispersion coefficient is low, and the impact fatigue resistance and the service life of the material are higher. A preparation method of the high temperature resisting and high abrasion resistance hard alloy is simple and feasible, and can be conveniently used in large-batch production.