The invention discloses high-performance powder metallurgy stainless steel. The high-performance powder metallurgy stainless steel comprises the following components in percentage by weight: 92.5-97.0% of 316L austenite stainless steel, 0.5-1.5% of FeB, 1-3% of FeMo60, and 1-3% of TiC. The preparation method comprises the following steps: mixing raw materials, and carrying out ball milling, press forming, degreasing and vacuum sintering to obtain the high-performance powder metallurgy stainless steel. According to the high-performance powder metallurgy stainless steel and the preparation method thereof, sintering assistant and strengthening phase are added to largely improve the density; the high-performance powder metallurgy stainless steel has excellent corrosion resistance, oxidation resistance and better comprehensive mechanical performance, can be used for manufacturing equipment or members capable of bearing a certain load and having higher requirements to the corrosion resistance and oxidation resistance, and is widely applied to a plurality of fields of machinery, chemical engineering, petroleum, ocean and light industry.