The invention discloses a phosphorus-free, fluorine-free and heavy metal-free phosphorus displacing agent and a preparation method thereof. The phosphorus displacing agent is prepared from the following raw materials in percentage by weight: 1-28% of salt, 1- 15% of acid, 1-15% of alkali, 0.1-5% of additive, 0.1-9% of screening agent and the balance of tap water. The preparation method comprises the following steps of: a, preparing the materials; b, preparing the screening agent; c, preparing the additive; d, adding the balance of tap water into a plastic reaction kettle, heating and cooling the mixed solution, adding the acid and adding the alkali to regulate a pH value to 4 to 6; e, adding the additive; and f, adding the screening agent, and filtering the mixture to obtain a filtrate product. By the phosphorus-free, fluorine-free and heavy metal-free phosphorus displacing agent and the preparation method thereof, the phosphorus-free, fluorine-free and heavy metal-free raw materials are adopted, waste water produced in production and using processes does not contain pollutants such as phosphorus, fluorine, heavy metals and the like, is not required to be purified and can be directly discharged, and hazardous solid wastes are avoided, so pollution to the environment and damages to human bodies are avoided, pollution discharge cost is greatly saved and the protection of an ecological environment is facilitated; and when the phosphorus displacing agent is used, a film formed on the surface of the product is uniform, compact, continuous, highly adhesive and highly anticorrosive, and the phosphorus displacing agent can completely replace a bonderite.