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This invention provides a method for preparing epoxidized soybean oil and a composition for preparing epoxidized soybean oil. The preparation method includes the following steps: mixing soybean oil, an oxidant, a catalyst, and an auxiliary agent, and carrying out an epoxidation reaction to obtain epoxidized soybean oil; wherein, the oxidant is selected from a solution containing organic peroxides; the auxiliary agent is selected from sodium salts of organic acids, and the sodium salts of organic acids are selected from at least one of sodium alkylates and sodium tungstate. The preparation method effectively inhibits the occurrence of side reactions such as ring-opening reactions and excessive oxidation of unsaturated double bonds during the epoxidation process of epoxidized soybean oil by adding sodium alkylates and / or sodium tungstate as auxiliary agents during the preparation of epoxidized soybean oil, significantly improving the epoxy value and epoxy bond stability of epoxidized soybean oil while maintaining a relatively low iodine value.