The invention discloses a dicyclohexyl ethylene group substituted diphenylacetylene liquid crystal compound and a preparation method thereof. The structural general formula of the dicyclohexyl ethylene group substituted diphenylacetylene liquid crystal compound is shown in the specification, wherein (F)m, (F)n and (F)x respectively represent fluorine atom substitution, m, n and x represent substitution number of the fluorine atoms and the value of m, n and x is 0 or 1, and the cyclohexyl is trans-cyclohexyl; both R and R' represent C1-C15 alkyl, C1-C15 alkenyl, C1-C15 alkoxy, C1-C15 alkenyloxy, fluoro-substituted C1-C15 alkyl or fluoro-substituted C1-C15 alkenyl. The dicyclohexyl ethylene group substituted diphenylacetylene liquid crystal compound not only has high clearing point, wide nematic phase section, large birefringence, and low optical absorption coefficient, but also has low melting point, low viscosity and good intermiscibility, and can be used in liquid crystal optical elements; the dicyclohexyl ethylene group substituted diphenylacetylene liquid crystal compound with side fluorine can also be used in a double frequency liquid crystal display mode.