An Fe-Mo alloy preparing method is provided to remove explosive thermit reaction for improving the safety in the preparation and save the use of any additional materials such as aluminum, a slag-forming agent, a complexing agent and the like. An Fe-Mo alloy preparing method includes the steps of mixing ferric oxide and MoO3 in the powder, lump or mixed types together, dissolving the mixture at first temperature to convert the mixture into a liquid phase, carrying out reduction by adding hydrogen gas into the dissolved mixture solution, and cooling Fe-Mo alloy in the molten liquid phase of high temperature into the solid state at the room temperature.
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