The invention discloses a plastic retaining type polyether assemblage carboxylic acid high-performance water reducing agent and a preparation method thereof, mainly being applicable to the field of building materials. The water reducing agent is obtained in the following method: with the action of initiating agent, copolymerizing unsaturated polyalkyl ether monomer (A), unsaturated monocarboxylic acid and derivative monomer thereof (B), unsaturated dicarboxylic acid and derivative monomer thereof (C) and unsaturated sulfonic acid or salt monomer (D) in water solution for 2-8h at 50-80 DEG C and then reducing temperature to 35-45 DEG C, using alkaline solution to neutralize the mixture to a pH value of 5-7, thus obtaining the water reducing agent. The synthesized water reducing agent of the invention features changeable molecular structure, high water reducing ratio, high dispersion property under low dosage and fine slumps-retaining property, good adaptability to concrete raw material; in addition concrete with the water reducing agent added enjoys good peaceability; with the one-step method synthesis technology employed, the preparation method has the advantages of simple operation, low energy consumption in production and freedom from pollution.