The invention discloses an ultralow-nitrogen ultralow-boron molten steel refining agent and a preparing method. The refining agent is composed of a component C and a component D, the component C is low-boron active lime, the component D is single one or any combination of industrial aluminum ash, bauxite or calcium slag, the refining agent is alkalinityR:3.0-5.0(CaO/SiO2), N is smaller than or equal to 0.02%, and B is smaller than or equal to 0.001%. The advanced premelting vacuum refining process is adopted in the molten steel refining agent, the component is uniform, checking is convenient,and mechanical and manual charging is facilitated. The refining agent is free of dust, use is safe and environment-friendly, the content of harmful elements N and B is extremely low, storage and transportation are facilitated, at the high temperature, during use, the agent is not prone to oxidation by air, the yield is high, deoxidization efficiency in the slag is high, the speed is high, and therefining agent is the most ideal high-cleanliness molten steel refining agent.