The invention relates to a novel TiAl-based self-lubricating material taking graphene-silver spherical powder as the lubricating phase and a preparation method thereof. The preparation method comprises the following steps: preparing graphene-silver spherical powder; selecting Ti powder and AI powder according to the molar ratio of Ti to AI being 1:1, mixing the graphene-silver spherical powder with the Ti powder and the AI powder, so as to obtain the burdening; placing the burdening in a vibrating blender mixer for mixing and dry-blending to obtain the sintering burdening; and sintering the sintering burdening by adopting discharge plasmas to obtain the novel TiAl-based self-lubricating material. According to the novel TiAl-based self-lubricating material taking graphene-silver spherical powder as the lubricating phase and the preparation method thereof, the graphene-silver spherical powder is integrated in the TiAI substrate by in-situ compositing, so that the prepared self-lubricating material is relatively low in friction coefficient and wear rate during the frictional wear process and further has excellent tribological properties, the preparation method is simple and novel, andthe technological parameters are controlled easily during the preparation process.