The invention relates to the technical field of water reducers, specifically a modified lignosulfonate water reducer and a preparation method thereof, comprising, in parts by weight: 30-50 parts of bagasse, 40-60 parts of formic acid solution, and chloroacetic acid solution 40-60 parts, 5-8 parts of tea polyphenols, 1-4 parts of betaine, 0.2-0.6 parts of methyl methacrylate, 2-7 parts of sulfonating agent, the water reducing agent of the present invention can Water reduction within a certain range, high fluidity of cement slurry, multiple reactive points, good water reduction effect, good air bubble performance, high slump retention, water reduction rate as high as 50%, and the dosage is generally 0.08‑0.13%. Good performance, stable storage effect, long-term storage will not cause the stability of the water reducing agent to decrease, the effective components of the water reducing agent will be lost or the water reducing agent will fail.