The invention discloses an analgesic balm and a preparation method thereof. The analgesic balm is prepared from the following raw materials in parts by weight: obscured homalomena rhizome, rhizoma cibotii, rhizoma drynariae, cinnamon, fructus psoraleae, rhizoma corydalis, ramulus cinnamomi, nidus vespae, rhizoma atractylodis macrocephalae, radix paeoniae rubra, amur cork tree bark, rhizoma zingiberis recens, ledebouriella seseloides wolff, herba ephedrae, rhizoma anemarrhenae, acontum fischeri, eucommia ulmoides, herba epimedii, morinda officinalis, polygonatum sibiricum, radix astragali, rehmannia glutinosa, fructus corni, cortex moutan radicis, pericarpium citri reticulatae viride, herba cistanches, salvia miltiorrhiza, angelica sinensis, achyranthes bidentata, processed pinellia ternate, caulis spatholobi, gypsum, honeysuckle stem, kadsura pepper stem, cortex lycii radicis, polygonum cuspidatum, flos carthami, longhairy antenoron herb, pawpaw, radix clematidis, Chinese starjasmine stem, sappanwood, semen persicae, eupolyphaga, frankincense, myrrha, Himalayan teasel root, radix angelicae pubescentis, radix curcumae, semen vaccariae, rhizoma curcumae longae, rheum officinale, radix notoginseng, pangolin, convallaria majalis L and liquorice, each of which is 10-15 parts, as well as 240-260 parts of sesame oil and 140-160 parts of yellow lead. The analgesic balm has good effects of warming and dispelling the cold, activating blood, removing blood stasis and relieving pain, is quick-acting; moreover, the raw materials are easily obtained. So, the analgesic balm is easy to popularize and use.