The invention provides sealing clay and a preparation method thereof. The sealing clay comprises 20 to 40 percent of rubber substrate, 15 to 25 percent of tackifying resin, 10 to 20 percent of softener and 25 to 55 percent of filler, and is prepared by adopting production technology of vacuum kneading material-mixing and extrusion compression casting molding. The sealing clay has the advantages of good waterproofing, gas prevention and sealing performances, high-low temperature resistance, corrosion resistance, aging resistance, dry operation, and convenient installation, can be randomly disassembled, has good durable leakproof sealing effect, can prevent the invasion of bugs, smell, gas and chemical substances, has convenient color mixing, and is suitable for the waterproofing of facilities such as toilets, kitchens, bathrooms, swimming pools, water reservoirs, water towers, cave depots, subways, tunnels and the like and the waterproof adhesion of veneers such as marble, granite, external wall external thermal insulation and the like, particularly for the fields such as bath equipment, sanitary wares, household appliance installation and the like which have direct and frequent close contact with human beings.