The invention relates to a medium-high temperature oil reservoir phenolic gel self-degradation temporary plugging agent and a preparation method thereof. The temporary plugging agent is prepared fromthe following components in percentage by mass: 2 to 2.5 percent of low molecular weight polymer, 0.2 to 0.25 percent of phenolic cross-linking agent, 0.2 to 0.6 percent of aldehyde cross-linking agent, 0.05 percent of stabilizer, 0.1 percent of catalyst, 0.5 to 2 percent of gel breaker and the balance of water, wherein the sum of the mass percent of all the components is 100 percent. The gel temporary plugging agent provided by the invention can meet the requirements that the oil reservoir temperature is 60-100 DEG C, the plugging time is adjustable within 120-168h, and the gel breaking timeis adjustable within 168-240h; the plugging rate of a rock core reaches 98% or above, the permeability damage rate after gel breaking is 10% or below, a high-permeability layer of a target stratum canbe effectively plugged, flowback is easy after automatic gel breaking, damage to the stratum is extremely small, and the plugging agent can be suitable for most conventional oil reservoirs and has good field application value.