The invention relates to a preparation method of a microcapsule fire retardant, and belongs to the technical field of fire retardant. According to the preparation method, magnesium hydroxide, ammoniumpolyphosphate, and melamine phosphate are mixed for coating of zeolite molecular sieve, wherein melamine phosphate is capable of achieving flame resistance at a condensed phase and a gas phase, a large amount of latent heat is absorbed through sublimation, volatilization, and evaporation, inert gas is generated, and gas state substances such as MA steam, water vapor, N2, CO2, and NH4 are generated, the concentrations of oxygen and combustible gas at a combustion zone are reduced through dilution, and at the same time, coating of material surface is realized; charing is promoted, formation ofmolten drops from some polymers is promoted, so that a part heat energy is taken away, and combustion reaction is terminated; the zeolite molecular sieve is a crystal aluminosilicate formed by SiO4 and Al2O3 tetrahedrons through oxygen bridges; not only uniform pore structures, and large specific surface area, but also extremely high surface polarity is achieved. The zeolite molecular sieve possesses excellent absorption effect and certain catalyst effect, and flame resistance of the microcapsule fire retardant is improved.