The invention relates to a mold release agent for a masking tape, and a preparation method of the mold release agent. The mold release agent is prepared from the following raw materials in parts by weight: 150-270 parts of ethyl acrylate, 0-90 parts of butyl acrylate, 0-110 parts of methyl methacrylate, 0-105 parts of styrene, 5-10 parts of succinic acid, 0-7 parts of crosslinking monomer, 500-600 parts of deionized water, 0.1-0.4 part of sodium bicarbonate, 3-5 parts of lauryl sodium sulfate, 1.2-3.0 parts of ammonium persulfate, 0.5-2 parts of a defoaming agent, 30-55 parts of zinc glycinate, 5-15 parts of ammonia water, 20-100 parts of long-chain alkyl surface active agent and 0-10 parts of modified polysiloxane. The mold release agent is a water-based mold release agent, is convenient to use and can be directly coated or can be coated after being diluted by water; a catalyst is not fed into the mold release agent, and the mold release agent is capable of crosslinking at low temperature and does not contain an organic solvent, so that the mold release agent is free from environmental pollution and harmless to the human health; furthermore, the mold release agent has good heat resistance and weather resistance, is capable of providing proper mold release force for the masking tape, and is lower in migration rate; the tape prepared by the mold release agent is free from residual glue after being used, so that the protected surface is not polluted.