The invention belongs to the field of wood modification treatment, and particularly relates to a flame retardant wood modifier, comprising the following raw materials by weight: dicyandiamide, boric acid, borax, triethanolamine, urea, ammonium persulfate, ammonium bicarbonate, polyphosphate, methyl methacrylate, phosphoric acid, polyethylene glycol, polyoxyethylene alkyl ether, sodium dodecyl sulfate, 1,2,3,4-butane tetracarboxylic acid and water; and a preparation method of the modifier. Catalytic reaction effects of the urea and the phosphoric acid are improved through adding the ammonium persulfate and the ammonium bicarbonate. Wood flame retardance and corrosion resistance in a wood modification process are improved through adding the polyethylene glycol, the ammonium bicarbonate, thedicyandiamide and the polyphosphate. Wood dimension stability in a wood modification process can be improved through adding the polyoxyethylene alkyl ether, the methyl methacrylate and other related components.