The invention discloses wood lacquer for purifying formaldehyde and a preparation method thereof. The wood lacquer is prepared by mixing a component A with a component B in a mass ratio of (1:0.25)-(1:0.5), and then stirring the mixture uniformly, wherein the component A is prepared by putting alkyd resin and alcohol solvents into a reaction kettle under the protection of nitrogen, stirring the materials uniformly and heating the materials to 50-75 DEG C, adding first diluents, fillers, driers, wax powder, formaldehyde removal agents and an anti-settling agent in sequence, continuing stirring, maintaining the temperature at 40-70 DEG C and reacting for 15-60 minutes, and discharging the material after returning to the room temperature; the component B is prepared by putting second diluents into the reaction kettle under the protection of nitrogen, stirring and insulating the materials, putting curing agents, a levelling agent and a defoaming agent into the reaction kettle, insulating and stirring the materials, and discharging the material after returning to the room temperature. The wood lacquer has high formaldehyde removal efficiency and good durability, dispenses with recoating films, and is convenient to use.