The invention discloses a treating agent for heavy metal waste water and a preparation method and application thereof. The treating agent is prepared from the following raw materials in parts by weight: 30-40 parts of lignin, 19-27 parts of chitosan, 11-19 parts of polystyrolsulfon acid, 13-21 parts of polyethylene glycol, 5-12 parts of 2,2,4-trimethyl-1,3-pentanediol monoisobutyrate and 1-5 parts of ethylene-bis-stearamide. According to the preparation method, the lignin is treated with the polystyrolsulfon acid, the chitosan is treated with the polyethylene glycol, then the treating agent is prepared by ultrasonic treatment and high-temperature calcination from the 2,2,4-trimethyl-1,3-pentanediol monoisobutyrate and ethylene-bis-stearamide, therefore a synergetic effect is played, multiple kinds of metal ions in a water body can be captured, simultaneously the treating agent has notable corrosion inhibition and antiprecipitation effects, and the production cost is reduced; the treating agent has stable performance, good quality of effluent water, low level of addition for treatment and low treatment cost; and the treated waste water can achieve an effluent standard. The treating agent disclosed by the invention has the advantages of no toxicity, no secondary pollution of water after treatment, convenience in recovery, simple manufacturing process, easy operation and suitability for industrialized production.