The invention discloses a lignosulfonate-polycarboxylic acid copolymerized composite high-performance water reducer and a preparation method thereof. The high-performance water reducer comprises the components in parts by weight: 5-30 parts of lignosulfonate, 20-30 parts of methyl allyl polyethenoxy ether, 2-5 parts of acrylic acid, 1-5 parts of ammonium persulfate, 4-15 parts of sodium hydroxide and water. The preparation method comprise the steps as follows: lignosulfonate, methyl allyl polyethenoxy ether and acrylic acid are directly synthesized under the action of ammonium persulfate, and the mixture is neutralized by sodium hydroxide to obtain the high-performance water reducer. As the high-performance water reducer is made from natural recycled materials, the high-performance water reducer is low in price, stable in performance, high in water-reducing rate, good in collapse prevention property, remarkable in improved effect, and is unlikely to bleed, separate and deposit after concrete is added, the quality problems of sand leakage, honeycomb-like phenomenon and leakage due to cracking in the middle and low-strength concretes are effectively avoided, and the safety performance is improved.