The invention relates to rubber seed oil polyalcohol and a preparation method thereof. The method comprises the following steps of: mixing rubber seed oil, hydrogen peroxide and a catalyst serving as raw materials in a weight ratio of 1:0.5-1.5:0.01-0.05, putting the mixture into a reaction kettle, stirring the mixture and raising temperature to 50 to 80 DEG C, keeping reaction temperature for 3 to 8 hours, lowering the temperature to 30 DEG C, separating acid water out, washing the mixture with aqueous solution of sodium carbonate until the pH of the mixture is between 5 and 6, washing the mixture to be neutral with saturated sodium chloride and water, and performing pressure reduction and water removal at the temperature of between 50 and 90 DEG C for 2 to 5 hours to obtain epoxy rubberseed oil; and adding the epoxy rubber seed oil, methanol, isopropanol and fluoboric acid into the reaction kettle in a weight ratio of 1:1-5:1-5:0.002-0.01, raising the temperature to 75 to 100 DEG C, performing a reaction for 0.5 to 3 hours, washing the reaction product with the aqueous solution of the sodium carbonate until the pH of the reaction product is between 5 and 6, washing the reaction product to be neutral with water, and performing vacuum pumping at the temperature of between 50 and 120 DEG C for 2 to 5 hours to obtain the rubber seed oil polyalcohol. In the method, the conventional petroleum chemical is replaced by a non-edible plant oil resource, so that the dependence of polyurethane industry on petroleum chemicals is reduced, and the added value of the rubber seed oil is increased.