The invention relates to a liquid shoe polish prepared by ginkgo leaf ketone extracted paste residual wastes and a preparation method thereof. The shoe polish comprises the following raw materials by mass percent: 60-80% of filtered and suction filtered ginkgo leaf ketone extracted paste residual wastes, 0.5-3% of solid paraffin, 0.5-3% of beewax, 0.5-15% of liquid paraffin, 1-15% of turpentine, 0.5-1% of surfactant, 0.5-1% of emulgator, 0.5-1% of silicon oil, 0.05-1% of natural essence, and 0.05-1% of glycerinum. The invention also relates to the preparation steps of the liquid shoe polish. The shoe polish has the characteristics and advantages of using the natural plant source ginkgo leaf residual wastes as the black raw material, having no dyes, no toxicity, and no odor, being bright and clean, good in polishing performance, and environment-friendly, having a simple preparation process and low cost, efficiently using the ginkgo leaf residual wastes, turning the waste into wealth, firmly coloring, being bright in color and luster, softening and protecting the leather, repairing shallow marks, being mould-proof and anti-microbial, being not prone to have dust, and being light-resistant, heat-resistant and good in stability.