The present invention discloses an ethylene oligomerization method, wherein ethylene is subjected to an oligomerization reaction in a reaction system containing an isobutyryl substituted 1,10-phenanthroline aminal iron (II) complex coordination compound main catalyst represented by a formula (I), an aluminum-containing assisted catalyst, water and a solvent, and the solvent is alpha-olefin of Cn (n is more than 4 and is less than or equal to 10), wherein in the formula (I), R1-R5 are respectively and independently selected from hydrogen, C1-C6 alkyl, halogen, C1-C6 alkoxy and nitro. According to the present invention, the technical prejudice is overcome, the oligomerization process is optimized, the oligomerization activity is high, and advantages of rapid ethylene oligomerization reaction process initiation, stable operation, low toxicity, environmental protection, good catalytic effect and cost balancing, and strong practicality; and the ethylene oligomerization reaction cost is substantially reduced, the catalysis effect and the production cost are comprehensively considered, and the industrialization prospects are broad.