The invention discloses an oligomerization method of ethylene. The ethylene carries out oligomerization reactions in a reaction system composed of a main catalyst, an aluminum-containing co-catalyst, water and an organic solvent; wherein the main catalyst is chlorinated 2-n-butyryl-1,10-phenanthroline amine-Fe (II) represented by the formula (I), the organic solvent is alpha-alkene with n carbons (4<n<=10), and in the formula (I), and the R1, R2, R3, R4, and R5 individually represent a hydrogen atom, an alkyl group with a carbon number of 1 to 6, a halogen atom, an alkyloxy group with a carbon number of 1 to 6, or a nitro group. The provided oligomerization method overcomes the technical bias, and optimizes the oligomerization technology. In the provided method, the oligomerization activity is high, thus the ethylene oligomerization reactions can be triggered rapidly, the operation of the technology is stable, the method is environment-friendly, the toxicity is greatly reduced, the catalytic effect and cost are well balanced, the provided method is very practical and greatly reduces the ethylene oligomerization cost, the catalytic effect and production cost are taken into account as a whole, and the industrialization prospect of the oligomerization method is wide.