The invention relates to a masonry mortar plasticizer which consists of aged powder, polyoxyethylene ether sodium sulfate, water-soluble polyvinyl alcohol, polyacrylamide, oil cake powder and plant stem leaf powder, wherein the preparation method of the masonry mortar plasticizer comprises the following steps of: preparing the aged powder, the plant stem leaf powder, the oil cake powder, the polyoxyethylene ether sodium sulfate, the water-soluble polyvinyl alcohol and the polyacrylamide, burdening the aged powder, the plant stem leaf powder, the oil cake powder, the polyoxyethylene ether sodium sulfate, the water-soluble polyvinyl alcohol and the polyacrylamide according to proportions, evenly mixing and packaging to obtain the masonry mortar plasticizer product. A great amount of sites for stacking harmful waste can be saved, the expense of managing the industrial wastes is saved, the pollution of the industrial wastes to air, water body and soil and the consumption of cement is reduced, and the natural building materials such as lime, mountain flour and bentonite are saved. The masonry mortar plasticizer and the preparation method thereof disclosed by the invention have the advantages of advanced process, energy saving and environment friendliness, low prices and good quality of the product, reduced environment pollution, enhanced resource utilization ratio and remarkable economic and environment-friendly significances.