The invention belongs to the technical fields of plasters and preparation thereof. The invention discloses an externally applied plaster for treating arthralgia and arthritis, and a preparation method of the externally applied plaster. The plaster is prepared from the following raw materials: capsicum annuum, menthol, borneol, rubber, lanolin, zinc oxide, rosin, beeswax, a coating agent, gasoline, and the like. The preparation method comprises the steps of preparing the raw materials, carrying out medicine preparation, refining rubber, coating, mashing, gluing, drying, carrying out aftertreatment, and the like. The externally applied plaster for treating the arthralgia and the arthritis has the effects of expelling wind and removing cold, relaxing tendons and activating collaterals, relieving swelling and pain, and the like, can be used for treating the arthralgia, backache and sprain bruise as well as diseases such as chronic arthritis and chilblain being not broken; furthermore, the externally applied plaster has good air permeability and is long in drug onset time; the externally applied plaster for treating the arthralgia and the arthritis is simple in preparation method and can be easily realized on the existing equipment.