The invention discloses double-etherification modified starch and a preparation method thereof. The double-etherification modified starch is prepared from the following raw materials in parts by weight: 100 parts of starch, 0.010-0.020 part of epoxy chloropropane, 0.8-1.2 parts of water, 0.08-0.12 part of acrylic acid polyacrylamide, 16-18 parts of sodium chloroacetate, 7-8 parts of solid sodium hydroxide and 4-6 parts of industrial alcohol. The preparation method comprises the following steps of: adding the epoxy chloropropane into the starch at first; dispersing by using the acrylic acid polyacrylamide; carrying out a crosslinking reaction, wherein the pH value of the crosslinking reaction is controlled to be 10-10.5, and the temperature of the crosslinking reaction is 50-60 DEG C; then carrying out a carboxymethyl reaction; and adding the sodium chloroacetate, the solid sodium hydroxide and the industrial alcohol, wherein the pH is controlled to be 11-11.5, the reaction temperature is 50-80 DEG C, and the reaction time is 3-5 hours. According to the preparation method, a semi-dry method is adopted for production, and as intracytoplasmic addition, the modified starch is used by matching with cationic starch, so that the total consumption of the starch is lowered, and the quality of paper is greatly improved; and the modified starch is used as a coating starch bonding agent, and does not need gelatinization compared with common coating starch, so that the using effect of the modified starch is improved.