A method of preparing silver-based oxide electrical contact materials with fiber-like arrangement, comprising the steps of: uniformly mixing silver-metal-additive alloy powders with graphite powders, and then placing the mixed powders into a high-energy ball milling tank for ball-milling, wherein the metal in the alloy powders can form alloy with Ag, a weight ratio of Ag to other metals in the alloy powders is calculated according to a composition of the preparation material and subsequent processing requirements, the weight ratio of the alloy powders to the graphite powders is calculated according to the desired looseness of the material, content of the additive is calculated according to the weight of its oxide, which is no more than the weight of the reinforcing phase in the silver-based oxides, and the additive is selected from a group consisting of Bi, In, Cu and rare earth elements; internally oxidizing the powders obtained from the step comprising firstly decarburizing in air atmosphere and then internally oxidizing in oxygen atmosphere; ball-milling and sieving the internally oxidized powders obtained from the step, wherein large particle powders that fail to pass a sieve are returned to the ball mill for processing, and then sieved; placing the composite powders obtained from step and the matrix silver powders into a powder mixer for uniformly mixing, wherein a weight ratio of the composite powders to the matrix silver powders is calculated according to a composition of the preparation material and a desired fiber size; cold-isostatically pressing the powders obtained from step; sintering the body obtained by cold isostatic pressing; hot-pressing the body obtained by sintering; and hot-extruding the body obtained by hot-pressing, thereby obtaining the fibrous structural silver-based oxide electrical contact material. uniformly mixing silver-metal-additive alloy powders with graphite powders, and then placing the mixed powders into a high-energy ball milling tank for ball-milling, wherein the metal in the alloy powders can form alloy with Ag, a weight ratio of Ag to other metals in the alloy powders is calculated according to a composition of the preparation material and subsequent processing requirements, the weight ratio of the alloy powders to the graphite powders is calculated according to the desired looseness of the material, content of the additive is calculated according to the weight of its oxide, which is no more than the weight of the reinforcing phase in the silver-based oxides, and the additive is selected from a group consisting of Bi, In, Cu and rare earth elements; internally oxidizing the powders obtained from the step comprising firstly decarburizing in air atmosphere and then internally oxidizing in oxygen atmosphere; ball-milling and sieving the internally oxidized powders obtained from the step, wherein large particle powders that fail to pass a sieve are returned to the ball mill for processing, and then sieved; placing the composite powders obtained from step and the matrix silver powders into a powder mixer for uniformly mixing, wherein a weight ratio of the composite powders to the matrix silver powders is calculated according to a composition of the preparation material and a desired fiber size; cold-isostatically pressing the powders obtained from step; sintering the body obtained by cold isostatic pressing; hot-pressing the body obtained by sintering; and hot-extruding the body obtained by hot-pressing, thereby obtaining the fibrous structural silver-based oxide electrical contact material.