The invention relates to the technical field of materials, and particularly discloses a wood magnesium board and a preparation method thereof. The wood magnesium board is prepared from the following raw materials in percentage by weight: 20-40% of magnesium oxide, 10-20% of a magnesium sulfate solution, 20-30% of wood flour, 0.2-0.3% of metal oxide, 3-4% of non-metal oxide, 1-2% of inorganic salt, 0.5-1% of acid, 0.1-0.5% of a waterproof agent and 1-2% of a modifier. The invention also discloses a preparation method of the wood magnesium board. The preparation method comprises the following steps: accurately metering raw materials; and conducting mixing, stirring, dispersing, metering and paving under a dry process, conducting pre-pressing, carrying out secondary hot press molding, conducting demolding, cutting and sanding in a short time, drying frame pieces, finally finely cutting and sanding a finished product, and packaging and delivering a finished product. The production cost is effectively reduced, the production period is shortened, and the plate is high in strength, good in toughness, environment-friendly and non-toxic.