The invention relates to panchromatic fluorescent powder for a white LED (light emitting diode) and a preparation method of the panchromatic fluorescent powder. The preparation method comprises the steps of weighing a certain amount of Tb4O7 to prepare a Tb<3+> solution, recording as a solution A, weighing and adding Sr(NO3)2, Mg(NO3)2-6H2O, H3BO3 and carbamide into the solution A, fully stirring to allow Sr(NO3)2, Mg(NO3)2-6H2O, H3BO3 and carbamide to be dissolved, obtaining a solution B, adding Si(OC2H5)4 into absolute ethyl alcohol to obtain a solution C, adding the solution C into the solution B to form beige sol, naturally cooling to the room temperature after the cooled sol is burnt, obtaining precursor powder, placing the precursor powder into a muffle furnace with a reducing atmosphere, keeping warm for 2-10h, and obtaining the fluorescent powder after cooling. The prepared fluorescent powder is only doped with an active ion, and excited by the active ion to emit white light; the synthesis cost is lower; a preparation technology is simple to operate; crystals grow well; and the dispersity is good.