The invention discloses a high-temperature retarding and water reducing agent prepared by mixing the following raw materials in parts by weight: 35-45 parts of polycyclic aromatic hydrocarbon sulfonated formaldehyde condensates, 20-30 parts of acyclic hydroxyl sulfonate condensates, 10-15 parts of diethylenetriaminepenta(methylene-phosphonic acid), 8-16 parts of calcium saccharate, 12-18 parts of alunite powder, 5-10 parts of xanthan gum powder, 4-8 parts of barium metaborate, 3-6 parts of sodium lauryl sulfate, 2-4 parts of pentaerythrite di-n-stearate, 6-12 parts of maleic anhydride-styrene sulfoacid copolymers, 10-15 parts of blast furnace slag powder, 5-10 parts of waste saccharide slag powder, 7-13 parts of nekal and 4-7 parts of auxiliary. The water reducing agent disclosed by the invention is excellent in high temperature resistance, relatively wide in applicable temperature range (150-250 DEG C), capable of reducing cement hydration heat release, reducing the temperature stress of the concrete, avoiding generating temperature cracks and completely meeting the construction requirement for high-temperature and high-pressure well cementation, suitable for continuously pouring mass concrete under a high temperature condition, remarkable in water reducing enhancement effect, good in slump loss resistance and wide in market prospect.