The invention discloses a phenolic resin and a preparation method thereof, and a photoresist. The preparation method of the phenolic resin comprises the following steps: obtaining reaction raw materials p-cresol, m-cresol and a phenol compound; under the action of an acidic catalyst, carrying out an addition condensation polymerization reaction on the reaction raw materials and formaldehyde to obtain an intermediate product; and distilling the intermediate product to obtain the phenolic resin, wherein the chemical structural formula of the phenol compound is defined in the specification, R1 isselected from CH3, CH2CH3 and H, and R2 and R3 are both selected from H, CH3 and CH2CH3. The prepared phenolic resin has good thermal stability, has the advantages of narrow molecular weight distribution, adjustable and controllable dissolving speed in a developing solution and good developing performance, heat resistance and resolution, is suitable for preparing positive photoresist such as LCDpositive photoresist, and endows the positive photoresist with good thermal stability, high pressrun and good development performance and resolution.