The invention discloses high-toughness high-carbon wheel steel for a heavy-load rail wagon and a preparation method of the high-toughness high-carbon wheel steel for the heavy-load rail wagon. The high-toughness high-carbon wheel steel for the heavy-load rail wagon comprises, by weight percentage, 0.67%-0.77% of C, 0.15%-1.00% of Si, 0.60%-0.90% of Mn, smaller than or equal to 0.025% of Als, smaller than or equal to 0.025% of P, 0.006%-0.020% of S, 0.005%-0.015% of V, 0.10%-0.15% of Cr and the balance Fe and inevitable impurity elements. The high-toughness high-carbon wheel steel for the heavy-load rail wagon is formed by the electric furnace steel making working procedure, the LF refining working procedure, the RH vacuum treatment working procedure, the circular blank continuous casting working procedure, the cut ingot hot rolling working procedure, the heat treatment working procedure, the processing working procedure and the finished product detection working procedure. The high-toughness high-carbon wheel steel, obtained according to the preparation method, for the heavy-load rail wagon is of a ferrite and pearlite structure. Compared with AAR-C wheel steel, the high-toughnesshigh-carbon wheel steel for the heavy-load rail wagon has the advantages that on the premise that the levels of mechanical properties of rims are basically equivalent, the low temperature impact toughness of the rims of wheels can be remarkably improved, and therefore the breakage resistance capacity of the wheels at the low temperature is effectively enhanced.