The invention relates to a preparation method of a wood fire retardant with synergized multiple elements of phosphorus, nitrogen and boron. The preparation method comprises the following steps that firstly, a conventional stirrer, a thermometer and a fractionating device are arranged in a reactor; secondly, trihydroxymethyl aminomethane, phosphotriester and an organic solvent are weighed, placed in the reactor and heated till backflow, the temperature of the top of a column of the fractionating device is controlled to be the boiling temperature of fractionated alcohol, and the alcohol generated in a reaction is fractionated continuously until the fractionated alcohol reaches a theoretical quantity; thirdly, the temperature is lowered to below 40 DEG C, phosphoric acid with the mass percent concentration being 85% is added dropwise, stirring, filtering and vacuum drying of a filter cake are conducted, and caged phosphoric acid ester amine hydrogen phosphate is obtained; and finally, the caged phosphoric acid ester amine hydrogen phosphate is dissolved in water, boric acid is added for dissolution, then tetrakis(hydroxymethy) phosphate and tri(hydroxymethyl) alkyl phosphonium bromide are added in sequence and evenly stirred, the pH of the flame retarding liquid is adjusted with ammonium hydroxide or phosphoric acid to range from 6.5 to 8.5, and then the wood fire retardant is obtained. The preparation method is simple and free of pollution, the fire retarding efficiency is high, and large-scale production is easy.