The invention provides modified alkyd resin and a preparation method thereof. According to the method, alkyd compounds react to obtain the modified alkyd resin. The alkyd compounds comprise, by weight, 25-35 parts of tertiary carbonate glycidyl ester, 38-42 parts of glycerol, 190-230 parts of soya oil acid, 25-35 parts of ethanediol, 240-280 parts of phthalic anhydride, 30-38 parts of trimethylolpropane, 80-120 parts of pentaerythritol, 16-40 parts of agents with water, 1-2 parts of subtraction colour antioxidants, 230-260 parts of diluted solvent, and 0.5-1.5 parts of antiager. Conventional raw materials of the soya oil acid, the pentaerythritol and the like are adopted to prepare the alkyd resin, and the tertiary carbonate glycidyl ester is adopted to modify the alkyd resin, so a paint film performances well in the aspects of gloss, definition, collapse resistance and the like. The invention further provides two-component primer.