The invention discloses viscous porous granulated ammonium nitrate fuel oil explosive and a preparation method thereof. The ammonium nitrate fuel oil explosive comprises the following constituents in weight percent: 83 to 85 percent of porous granulated ammonium nitrate, 4.5 to 6 percent of compound oil phase, 3.5 to 6 percent of tackifier, 0.2 to 0.5 percent of expanded perlite, 1.3 to 2 percent of powder type explosive energy accelerant, and 3 to 5 percent of thickener. The method comprises the following steps: a, adding the porous granulated ammonium nitrate into a viscous porous granulated ammonium nitrate fuel oil explosive mixer, then adding the compound oil phase, stirring for 2 to 4 minutes at normal temperature, mixing the porous granulated ammonium nitrate and the compound oil phase to be uniform, so as to form mixture A; b, adding the tackifier, the powder type explosive energy accelerant and the expanded perlite into the mixture A, stirring for 1 to 2 munities at normal temperature, mixing the mixture A, the tackifier, the powder type explosive energy accelerant and the expanded perlite to be uniform, so as to form mixture B; and c, adding the thickener into the mixture B, stirring for 1 to 2 munities at normal temperature, and mixing the mixture B and the thickener to be uniform, so as to form the viscous porous granulated ammonium nitrate fuel oil explosive, and then packaging the viscous porous granulated ammonium nitrate fuel oil explosive. The viscous porous granulated ammonium nitrate fuel oil explosive and the method have the advantages that preparation and storage processes are safe and controllable, the power capability is high, the storage period is long, and the explosive is efficient and environmentally friendly.