The invention provides a preparation method of a mutton-smell-free mutton fat oil. The preparation method comprises the following steps: S1, taking essential oil as a core material, and compounding the core material with a wall material to prepare a phase change microcapsule particle; S2, loading the phase change microcapsule particle into a mixed gel solution prepared from a sodium silicate solution and a magnesium chloride solution, and drying to obtain a modified particle; S3, taking mutton fat, dicing the mutton fat, mixing the diced mutton fat with deionized water, and performing programmed heating to prepare mixed slurry; and S4, continuously heating the mixed slurry, carrying out heat preservation to refine oil, adding the modified particle, cooling, carrying out heat preservation,and standing to prepare the mutton-smell-free mutton fat oil. According to the preparation method, the mutton smell of the mutton fat oil is low, the preparation process is convenient and rapid, the operation is simple, and the cost is low.