The invention provides a red fluorescent material of which the chemical formula is (Li1−a−bMIaMII2b)2+m(Gd1−x−yEuxLny)4−2b(MoO4)7−c−z(WO4)c(A)Z. The invention further provides a preparation method of the red fluorescent material, and an electric light source prepared from the red fluorescent material and a preparation method of the electric light source. The invention has the beneficial effect that the red fluorescent material uses Eu3+ ions as the main activator; under the excitation of near ultraviolet light or blue light emitted by a semiconductor LED chip, the red fluorescent material has high light conversion efficiency, and emits light in a mode of red sharp lines of characteristic 4f electron-configuration 5D0−>7F2 energy level transition of Eu3+; and the red fluorescent material has high color purity, high emissive power and stable performance.