The invention discloses a preparation method of liquid polyborosilazane, which comprises the following steps: heating a reaction kettle, replacing gas in the reaction kettle with nitrogen, and keeping the reaction kettle in a micro-positive pressure state; under the condition, sequentially adding a solvent, boron chloride gas, chlorosilane and unsaturated chlorosilane, and stirring to react; the invention discloses a preparation method of liquid polyborosilazane, which comprises the following steps of: adding a solvent into a mixed solution, dropwise adding hexamethyldisilazane into the mixed solution for reaction, distilling to remove the solvent, heating and distilling until no liquid flows out, and cooling a final product to obtain the liquid polyborosilazane, and adopts a one-step co-condensation method, so that the synthesis process of a precursor is greatly simplified, the synthesis process is simple, the synthesis yield is high, byproducts are easy to remove, and the preparation method is suitable for industrial production. The liquid polyborosilazane prepared by the method is adjustable in viscosity, and has the advantages of good wettability to fibers, high ceramic yield and the like.