The present invention belongs to the technical field of the preparation of alloy materials, and discloses a high strength and toughness alloy material, a method for preparing the alloy material by semi-solid sintering, and application thereof. The preparation method comprises the three steps of mixing powders, preparing alloy powders by high-energy ball milling, and semi-solid sintering of alloy powders, the key point lies in the two-step sintering, wherein the temperature is heated to less than the initial melting temperature of the lowest-temperature melting peak of the alloy powder, under the sintering pressure conditions, and carried out a sintering densification treatment; after pressure release, the temperature is heated to the sintering temperature Ts, and maintained at the same temperature, and a semi-solid processing is carried out, with a sintering temperature Ts: Ts≥the initial melting temperature of the lowest-temperature melting peak of the alloy powder, Ts≤the initial melting temperature of the highest-temperature melting peak of the alloy powder. By using the present method, a variety of high melting point alloy systems comprising such as Ti-based, Ni-based alloy system, and the like are carried out a semi-solid processing, so as to obtain an alloy material with a novel microstructure such as nanocrystalline, ultra-fine crystalline, fine crystalline or bimodal structure, and the like, and having excellent performances, which can be widely used in the fields of aerospace, military, instruments and the like.