The invention relates to the technical field of ironmaking agents, in particular to a mold release agent. The mold release agent is prepared by mixing and stirring a dry material and water, the dry material comprises, by weight, 0.5-1.5% of carboxymethylcellulose, 10.0-15% of sodium bentonite, 50-60% of low carbon coal slurry, 15-20% of aluminum-magnesium refractory mortar, 10-15% of coal powder and the balance water, wherein the weight of the water is 9-11 times of the total weight of the dry material. The preparation method comprises the steps that when being poured, the mold release agent forms a sintered layer of 1-2 mm under the high temperature of molten iron, an isolation layer can be effectively formed between the molten iron and a cast iron mold, a cast iron block can smoothly fall off from the cast iron mold, the mold release performance of the mold release agent is good, the mold release rate is up to 100%, the cast iron mold can be protected and is not easily deformed, theservice life of the cast iron mold can be remarkably prolonged, the low carbon coal slurry is generally thrown away as waste, the low carbon coal slurry is used as the main component of the mold release agent, and waste using is achieved, so that the cost of the release agent is low, and popularization is facilitated.