The invention relates to Chai kiln porcelain yellowish pea green glaze which is prepared from the following ingredients in parts by weight: 20.18 parts of quartz, 35.28 parts of feldspar, 11.26 parts of calcite, 18.83 parts of slate gray, 5.58 parts of phosphorous bone powder, 3.48 parts of agate, 2.56 parts of hydrotalcite and 2.83 parts of white metal soil, wherein quartz sand serves as the quartz, the feldspar is a combination of one or two of sodaclase and potassium feldspar, the content of ferric oxide in the white metal soil is 30-35%, the content of manganese oxide is 8-10%, the used preparation method of Chai kiln porcelain green glaze comprises the following steps: a. carrying out burdening according to various ingredients and the proportion by weight of the various ingredients; and b. mixing the various ingredients uniformly, adding 20-22 parts of water, ball-milling for 16-20 hours by using a wet method, enabling ball-milled glaze to pass through a 250-mesh screen, then turning the glaze into glaze slip with 60-65 baume degrees, then spraying the glaze slip on a incense ash tire, afterwards, heating the glaze slip at normal temperature to 1,180-1,250 DEG C, then cooling, and drawing for 15 hours or so. The Chai kiln porcelain yellowish pea green glaze has the advantages of fast firing at medium temperature, lower cost, even and clean enamel layer, good glossiness and strong decorative perception.