The invention discloses a preparation method of modified 
vegetable oil. The method comprises the following steps: 1) modifying 
vegetable oil with methyl 
hydrogen-containing 
silicone oil: adding methylhydrogen-containing 
silicone oil into a flask provided with a constant-temperature feeding funnel and a condensation 
pipe, replacing air in the flask with 
nitrogen or 
inert gas, opening condensate water, adding a catalyst, 
vegetable oil and isopropanol, stirring, heating to 80-85 DEG C, keeping the temperature for 6-7 hours, and performing reduced pressure 
distillation to remove low-volatility substances, thereby obtaining 
hydrogen-containing 
silicone oil modified vegetable oil; and 2) ester exchange: adding methyl 
hydrogen-containing 
silicone oil modified vegetable oil prepared in the step 1) and (2R,3S)-2,3,4-trihydroxyl-3-methylbutyl dihydrogen 
phosphate into an 
organic solvent, heating to 95-105 DEG C within 30-40 minutes under a 
vacuum pressure of 200 mbar; making the mixture carry out reactions for 2-3 hours under stirring at a stirring speed of 800-1000 rpm, and then carrying out rotary 
evaporation at 50-60 DEG C to remove low-volatility substances. The lubricating oil preparedfrom the modified vegetable oil is good in 
chemical stability, has an extreme pressure anti-wear effect, does not need to be added with an extreme pressure anti-wear agent additionally, is economicaland environment-friendly, and avoids the problem of overlarge 
viscosity caused by using a large amount of auxiliaries.