The invention relates to a microcapsule suspending agent compounded by chlorpyrifos and pymetrozine, and a preparation method thereof, and belongs to the pesticide production technology field. The pesticide takes the chlorpyrifos and the pymetrozine as the main active substances, a small amount of organic solvent and emulsifier as the auxiliary material, and takes urea-formaldehyde resin as the cyst membrane material, and is prepared through the interfacial polymerization-solidification method. The toxic components of the compound microcapsule suspending agent are packaged by the urea-formaldehyde resin, and the microcapsule suspending agent has the advantages of security, low-toxicity, high-efficiency, stabilization, etc.; meanwhile, the pesticide ingredient in the product slowly releases through the wrapping material, therefore, the control time of the product is prolonged, and the availability of the pesticide ingredient is improved; and the product is suitable for preventing and controlling pests, such as rice plant hoppers and Chinese chives maggot, etc.