The invention discloses a preparation method of ultra-light-color high-stability hydrogenated terpene-phenolic resin, which comprises the following steps: S1, pulverizing terpene-phenolic resin to obtain pulverized terpene-phenolic resin; s2, a solvent, a catalyst, a catalyst carrier and a stabilizer are added into the crushed terpene-phenol resin, then hydrogen is introduced, the hydrogen pressure is 10-30 MPa, the temperature is increased to 210-240 DEG C, a reaction is conducted for 2.5-8 h, and a post-reaction melt is prepared; s3, releasing the pressure, cooling, discharging, and filtering to remove the catalyst, the catalyst carrier and the stabilizer; and S4, distilling the filtered product to remove the solvent, thereby obtaining the ultra-light-color high-stability hydrogenated terpene-phenol resin. The terpene-phenolic resin prepared by the method is light in color and luster, good in stability and weather resistance, simple in preparation step and green, environment-friendly and pollution-free in preparation process.