The present invention discloses an ethylene oligomerization method, which comprises that ethylene is subjected to an oligomerization reaction in a reaction system containing an iron 2-benzoyl-1,10-phenanthroline polyamine chloride coordination compound main catalyst represented by a formula (I), an aluminum-containing cocatalyst, water and an organic solvent, wherein the organic solvent is alpha-olefin of Cn (n is more than 4 and is less than or equal to 10), and in the formula, R1-R5 are respectively and independently selected from hydrogen, C1-C6 alkyl, halogen, C1-C6 alkoxy and nitro. According to the present invention, the technical prejudice is overcome, and the oligomerization reaction process is optimized, such that the oligomerization activity is high, the ethylene oligomerization reaction process has characteristics of rapid initiation, stable operation, low toxicity, environmental protection, good catalysis effect and cost balancing, and strong practicality, the ethylene oligomerization reaction cost is substantially reduced, the catalytic effect and the production cost are comprehensively considered, and the industrial prospect is broad.