The invention discloses an oil-based drilling fluid and its preparation method. The waste edible oil oil-based drilling fluid comprises the ingredients of waste edible oil, sulfite, a main emulsifier, an auxiliary emulsifier, organoclay, a filtrate reducer, a wetting agent and a barite; the preparation method of the waste edible oil oil-based drilling fluid comprises the following steps: preparing an oil phase by waste edible oil and sulfite, and then adding the main emulsifier, the auxiliary emulsifier, the organoclay, the filtrate reducer, the wetting agent and barite. The prepared trench oil oil-based drilling fluid takes waste edible oil as a base oil to substitute diesel oil or crude oil, the cost is low, the environment is friendly, the well wall stability is good, the inhibition performance is strong, lubrication performance and rheological performance are excellent, anti-sloughing inhibition performance and high temperature stability are good, construction requirement for the drilling well can be better satisfied, and the oil-based drilling fluid and its preparation method can provide a new approach for using the waste edible oil in the reasonable mode.