The invention relates to the technical field of thermal transfer printing, and provides a thermal transfer dispersion color paste and a preparation method thereof, and a thermal transfer printing ink and a preparation method thereof. The components of the thermal transfer dispersion color paste provided by the present invention include dispersants, thermal transfer disperse dyes, humectants, surfactants, bactericides and water, wherein the dispersants are composed of benzyl methacrylate, methacrylate , initiator and solvent are prepared. The dispersant used in the color paste of the present invention has a high thermal cracking temperature, does not gasify at the working temperature of thermal transfer printing, and has good dispersion performance, which can improve the stability of the color paste. The transfer ink is not easy to age, and it will not produce white smoke and odor during thermal transfer. The invention also provides a thermal transfer ink, which is colorless and odorless in the color development process, has good fluency, high printing quality, and good nozzle moisturizing performance.