The invention discloses a preparation method of ultrahigh molecular weight phenolic resin. The preparation method comprises the following steps of: (1) weighing phenol and aldehyde in a molar ratio of 1: (0.8-1.0) respectively, and weighing acid in a mass ratio of the acid to the phenol of (0.5-4): 100; (2) mixing the phenol, partial aldehyde and partial acid, heating till boiling, and refluxing for 2 to 4 hours, wherein the partial aldehyde or the partial acid accounts for 75 to 95 percent of the total adding amount of the aldehyde or the acid; (3) heating and dehydrating the reactants of the step (2), cooling the reactants to the temperature of between 80 and 100 DEG C, adding the rest aldehyde and the rest acid, heating till boiling, and refluxing for 1 to 3 hours; and (4) detecting the melting viscosity of the reactants in the refluxing process of the step (3), adding alkali when the viscosity reaches 2,000 to 4,500MPa.s/100 DEG C, regulating the pH value to be between 4 and 7, heating and dehydrating to obtain the ultrahigh molecular weight phenolic resin. The weight-average molecular weight of the prepared phenolic resin can reach 14,000 to 30,000, the softening point is 120 to 140 DEG C, and the molecular weight distribution is 13 to 19.