The invention relates to a PVC stabilizer with good heat and light stability, and a preparation method thereof, and belongs to the technical field of PVC plastic assistants. The chemical structural formula of the PVC stabilizer is shown in the description; and in the formula, R is a carboxylic group, R1 is an organic acid radical, x is the valence of the R1, m is 0, 1, 2, 3, 4..., mx is less than n, M is a metal, and n is the valence of the metal. The preparation method comprises the following steps: carrying out an esterifying reaction on a phenyl diacid compound and 2,2,6,6-tetramethyl-4-piperidinol to generate a phenyl diacid ester of mono(tetramethylpiperidine), reacting the phenyl diacid ester of mono(tetramethylpiperidine) with the R1 acid and sodium hydroxide to generate a sodium salt, adding metal salt, and carrying out a metathesis reaction to obtain the target stabilizer, or directly reacting the phenyl diacid ester of mono(tetramethylpiperidine) with metal hydroxide or metal oxide at a high temperature to obtain the target stabilizer. The PVC stabilizer has good heat stability and good light stability, and the preparation method has the advantages of simplicity, easiness in condition control, good reappearance, and good development potential and application prospect.