The invention provides a method for preparing a fluid loss agent. The method comprises the following steps of: a) mixing phenol, sulphuric acid, trimethylamine and a first solvent, and reacting to generate cation phenol; b) mixing an alkaline aqueous solution, lignite and a second solvent, and reacting to obtain sodium humate slurry; and c) mixing the sodium humate slurry with cation phenol, sodium sulfite and a third solvent, and carrying out polymerization to obtain the fluid loss agent. The fluid loss agent provided by the invention is obtained by firstly carrying out cationization on phenol, mixing with the sodium humate slurry and carrying out polymerization, both a humic acid group and a sulfonated phenol group are contained in the molecule of the fluid loss agent, a molecular chainis longer, and a sulfonic acid group has strong inhibition and tolerance effects to various metal ions in soil, thus mud viscosity can not be improved, a mud cake formed by a drilling fluid and soil is compact and is difficult to collapse. Besides, a benzene ring exists, thus the fluid loss agent prepared by the preparation method provided by the invention also has the characteristics of high-temperature resistance and high-pressure resistance.