On one hand, the invention discloses a modifying and flooding agent suitable for a high-temperature and high-salt heavy oil reservoir, the modifying and flooding agent is prepared from the following components in percentage by mass: 0.2-0.5% of a polymer, 0.01-0.1% of a cross-linking agent, 0.2-0.8% of a stabilizer and the balance of water, and the polymer is AM/AMPS or AM/NVP/AMPS. The invention further discloses a preparation method of the modifying and flooding agent suitable for the high-temperature and high-salt heavy oil reservoir. The modifying and flooding agent suitable for the high-temperature and high-salt heavy oil reservoir has high viscosity, the crosslinking strength is 800-1200 mPa.s, the viscosity of injected water can be greatly improved, long-term stability can be kept under the high-temperature and high-salt conditions, the water absorption profile can be effectively improved, the problem of water channeling of the injected water is solved, and the water-oil displacement effect under the high-temperature and high-salt oil reservoir condition is improved, so that the heavy oil recovery rate is increased.