The invention discloses 
flame-retardant polyether 
polyol and a preparation method thereof. The preparation method comprises the following steps: weighing 3 parts (
mole fraction) of a 
formaldehyde solution, and adjusting the pH value of the 
formaldehyde solution by using a 0.1 M NaOH solution until the the 
formaldehyde solution is slightly alkaline; adding 0.5-1 part (
molar fraction) of dicyandiamide, carrying out heating to 75 DEG C, carrying out a 
hydroxymethyl reaction, adding 1 part of 
melamine after complete 
dissolution, and continuing reacting for 1.5 hours after a formed 
system is completely dissolved into 
clear liquid; and weighing 20 parts (in a weight ratio with 
melamine) of polyether 
polyol, carrying out heating to 80 DEG C, dropwise adding hydroxymethylate into the polyether 
polyol, and continuing reacting for 2 hours. According to the invention, polyhydroxymethyl 
melamine is obtained through hydroxymethylation reaction of melamine and formaldehyde, and then undergoes condensation with polyether, thereby obtaining the 
flame-retardant polyether polyol; and the 
flame-retardant polyether polyol has the characteristics of no 
toxicity and efficient flame retardance, and is 
halogen-free, efficient and flame-retardant, and moreover, 
system viscosity can be effectively adjusted by adjusting a ratio of dicyandiamide to melamine.