The invention discloses a preparation method for odorless regenerated rubber. The preparation method is characterized in that tread rubber powder, an environment-friendly activator, a vegetable oil softener and water are added in the chemical desulfuration process; the environment-friendly activator is prepared from the following components in parts by weight: 3-3.5 parts of persulfate and 7-6.5 parts of aliphatic acid; the amount of the environment-friendly activator is 0.18%-0.29% of the mass of the tread rubber powder; the vegetable oil softener is prepared from cottonseed oil, colophony, pine tar oil, rap oil, drainage oil and olive oil; the amount of the cottonseed oil, the colophony, the pine tar oil, the rap oil, the drainage oil and the olive oil is 3.6%-4.6%, 0.6%-1%, 1.3%-1.9%, 1%-1.5%, 0.8%-1.4% and 0.7%-1.3% of the mass of the tread rubber powder respectively; the added quantity of water is 17%-20% of the mass of the tread rubber powder. According to the invention, products obtained through the preparation method are odorless without containing benzene compounds, are high in tensile strength, great in elongation and moderate in mooney point, and can reach the national-level standard of regenerated rubber; the products such as shoe soles produced from rubber prepared through the preparation method have no color migration.