The invention discloses a novel silver alloy and a preparation method thereof. The novel silver alloy is prepared from the following chemical components in percentage by weight: 0.05 to 3.0% of Pt (platinum), 0.05 to 3.0% of Au (copper), 0.05 to 3.0% of Nb (niobium), 0.05 to 3.0% of Hf (hafnium), 0.05 to 3.0% of Ta (tantalum), 0.05 to 5.0% of Re (rhenium), and the balance of Ag (silver). The preparation method comprises the following steps of directional solidifying, drawing, rolling and the like. The novel silver alloy has the advantages that the chemical components are uniform, the effects of semi-continuous charging, alloying melting and directional solidifying crystallizing are realized, the scale production is realized, the oxygen content of casting ingots of bar billets and plate billets is smaller than or equal to 30ppm, and the defects of segregation, pore shrinkage, loosening, oxidizing and the like are avoided; the processing technology is simple, the finished product rate ishigh, the uniformity of property is good, the electric conductivity and heat conductivity are good, the room-temperature strength is high, the abrasion-resistant and corrosion-resistant properties are realized, the softening temperature and electric conductivity are high, and the like; the novel silver alloy can be used as products of contacts, conductive sheets, reversing sheets, electric brushes, lead wires and the like in the industries of electrician, electronics, power, energy source, electromechanics, transportation and the like.