The invention relates to light-yellow odourless degreasing silkworm pupa protein power and a preparation method thereof. According to the technical scheme, silk reeling silkworm pupae of which the skin and the gland are removed are selected as the raw material, silkworm pupa pretreatment is conducted, and coarse silkworm pupa powder is obtained; the coarse silkworm pupa powder is evenly mixed in degreasing solvent, ultrasonic degreasing treatment is conducted, centrifugal separation is conducted, and degreasing fluid and degreasing coarse pupa protein are obtained; drying and smashing are conducted on the degreasing coarse pupa protein, and the degreasing coarse pupa protein power is obtained; the degreasing coarse pupa protein power is evenly mixed in a sodium hydroxide solution, a silkworm pupa protein extracting solution is obtained, ultrasonic extraction treatment is conducted, macroporous resin is added into the silkworm pupa protein extracting solution, adsorption treatment is conducted, solid-liquid separation is conducted, resin and protein fluid are obtained, the protein fluid pH is adjusted, protein precipitation is collected, and wet silkworm pupa protein is obtained; vacuum drying and smashing are conducted on the wet silkworm pupa protein, and the light-yellow odourless degreasing silkworm pupa protein power is obtained. The light-yellow odourless degreasing silkworm pupa protein power and the preparation method thereof have the advantages that the technology is simple, the degreasing efficiency is high, effects of deodorization and decolorization are good, the treatment is low in temperature and short in time, the cost is low, the green and environmental protection is achieved, and the light-yellow odourless degreasing silkworm pupa protein power and the preparation method thereof can be used for industrial production.