The invention provides a water extinguishing agent suitable for being used at -10-55 DEG C. The water extinguishing agent comprises, by weight, 5-10% of a fire retardant, 10-15% of an antifreeze agent, 0.9-1.5% of a surfactant and the balance water. The invention further provides a preparation method of the water extinguishing agent. According to the method, water is heated to 30-50 DEG C, the antifreeze agent, the fire retardant and the surfactant are added in sequence, the solution temperature is maintained at 30-50 DEG C, all raw materials are stirred to be completely dissolved, the solution is cooled to the room temperature, and the water extinguishing agent is obtained. Components of the extinguishing agent are evenly mixed, the extinguishing effect of the extinguishing agent is not influenced by long-time storage, extinguishing agent is wide in application range, good in extinguishing effect, free of toxicity and irritation and quite high in fire resistance and reburning resistance, 6L of water extinguishing agent can extinguish fire of 2A or 89 B level, the extinguishing speed is high, fire can be extinguished just in 20-40 seconds, the water extinguishing agent can be biodegraded completely after being sprayed, and the biodegradation is environmentally friendly and easy to clean after extinguishing.