The invention discloses a polycarboxylate high-efficiency water reducer and a preparation method thereof. The preparation method comprises the following steps of at normal temperature, dropwise adding components B, C into a component A, cooling to room temperature after dropwise adding the components, and adjusting the pH value to obtain the polycarboxylate high-efficiency water reducer, wherein the component A is obtained by mixing and stirring polyoxyethylene ether, polyethylene glycol and water and then adding a tin or acid catalyst and hydrogen peroxide; the component B is obtained by mixing acrylic acid, a reducing agent and water; and the component C is obtained by mixing sodium methallyl sulfonate, an initiator and water. The water reducer disclosed by the invention is of a multi-arm branch structure with sufficient arm lengths, so that a steric-hinerance effect can be sufficiently developed, the water reduction performance is high, and the working performance of concrete is improved; and the method disclosed by the invention is mild in reaction condition, simple in technology, few in side reactions, safe, environmentally-friendly, low in energy consumption and low in production cost.