The invention discloses recycled asphalt concrete. The recycled asphalt concrete comprises the following components in parts by weight: 38-42 parts of coarse aggregates, 45-55 parts of an old asphaltmixture, 3-5 parts of iron ore powder, 1.2-2.5 parts of asphalt and 2-3.5 parts of a regenerating agent. The invention further provides a preparation method of the recycled asphalt concrete. The preparation method comprises the following steps: (1) preparing a recycling agent; (2) preparing a recycled asphalt mixture; and (3) sequentially adding the coarse aggregates and the iron ore powder into the recycled asphalt mixture prepared in the step (2), and carrying out heating and stirring to obtain the recycled asphalt concrete. According to the recycled asphalt concrete provided by the invention, the problem that a regenerated asphalt mixture cracks easily is effectively solved while the utilization rate of the highly old asphalt mixture is considered, so that the recycled asphalt concreteprovided by the invention can be applied to paving high-grade pavements such as fast roads, main trunk roads and the like.