The invention discloses a filtration reducing agent for a drilling fluid and a preparation method thereof. The filtration reducing agent comprises the components in parts by weight: 200-250 parts of phenol, 50-60 parts of sodium chloroacetate, 50-60 parts of epoxy chloropropane, 380-430 parts of formaldehyde, 80-100 parts of sodium metabisulfite, 80-90 parts of anhydrous sodium sulfate, 65-78 parts of sodium hydroxide, 60-70 parts of trimethylamine, 36-45 of sodium 2-chloroethanesulfonate, 25-35 parts of carboxymethyl cellulose, 30-40 parts of acrylic amine, 28-40 parts of vinyl acetate, 30-36 parts of dimethyl diallyl ammonium chloride, and 800-1000 parts of water. The preparation method comprises the steps of firstly dissolving sodium hydroxide in water, adding phenol and sodium chloroacetate, carrying out a reaction, then adding epoxy chloropropane and trimethylamine, continuing to carry out a reaction, after the reaction, adding other components, successively carrying out reactions, and carrying out spray drying on the finally-obtained mixture to obtain the filtration reducing agent product.