The invention relates to a binder, in particular to a binder for extrusion molding of a hard alloy and a preparation method thereof. The binder is made from the following components by weight percentage: 65-80% of paraffin wax, 10-20% of styrene butadiene rubber, 3-5% of dibutyl phthalate, 3-5% of rapeseed oil, 3-5% of stearic acid, and the rest of organic solvents. The preparation method is as follows: the styrene butadiene rubber is dissolved into the organic solvents at normal temperature to prepare a rubber solution for spare use; the paraffin wax is added to a blender and heated to the temperature of 65-75 DEG C for melting, and then added with the dibutyl phthalate, the rapeseed oil, the stearic acid and the rubber solution and stirred for 2-5min to obtain the binder. The binder has the advantages of available and cheap raw materials, simple preparation process, good degreasing and shape retention properties, short degreasing time, improving the production efficiency and saving the production cost.