The invention discloses a method for preparing lignin sulfonate by utilizing papermaking black liquid. The method comprises the following steps: S1, preparing raw materials: preparing the raw materials such as the papermaking black liquid, anhydrous sodium sulfite and formaldehyde, wherein the use amount of the sodium sulfite is 2.9 to 3.2 mmol per gram of lignin, the use amount of the formaldehyde is 0.8 to 1.2 mmol per gram of lignin, and the formaldehyde is prepared into a formaldehyde solution; S2, performing reaction: adding the papermaking black liquid into a reaction kettle, adding thesodium sulfite and the formaldehyde solution, stirring and heating, gradually heating to 158 to 165 DEG C, and continuously stirring to perform reaction for 2.5 to 3.5 hours, wherein the consumed timein the heating process is 80 to 100 minutes and the temperature is increased by 1 to 5 DEG C per minute; and S3, discharging: cooling after the reaction, and discharging when the temperature is reduced to 60 to 70 DEG C. The lignin sulfonate prepared by the method has high sulfonation degree and excellent tainting property, dispersibility and heat-resistant stability, has low water content and low content of sulfate, calcium, magnesium, iron, water insoluble matters and total reducing matters, has excellent comprehensive quality and can be widely applied in various fields.