A natural polymer for a filtrate loss reducer for a drilling fluid and a preparation method thereof are disclosed, the natural polymer is prepared from the following raw materials by weight: 5-15 parts of starch, 2-6 parts of AMPS, 10-15 parts of AM, 0.1-1 part of an initiator, 60-80 parts of water and 0.1-1 part of a deoxidizer. The preparation method comprises the following steps: starch hydrolysis, acidification of a starch solution, deoxidization of a starch acid solution and graft copolymerization of the starch acid solution. The performance of the natural polymer is as follows: 4% saline API filtration loss is equal to or less than 8.0mL, after aging at 150 DEG C, the API filtration loss is equal to or less than 14.0mL, saturated brine API filtration loss is equal to or less than 8.0mL, after aging at 150 DEG C, API filtration loss is equal to or less than 13.0mL, compound brine API filter loss is equal to or less than 13.0mL, after aging at 150 DEG C, API filtration loss is equal to or less than 18.0mL. The natural polymer has good performance, can reduce the filtrate loss of the drilling fluid, avoids or reduces the occurrence of complex drilling accidents, improves drilling quality and efficiency, and produces a good environmental protection effect.