The invention provides an iron and steel product surface treating agent and a preparation method thereof, and relates to the technical field of metal surface treating agents. The surface treating agent comprises, by weight, 12%-17% of phosphoric acid with the concentration of 85%, 3%-8% of composite phosphate, 7%-12% of nitric acid with the concentration of 65%, 5%-10% of corrosion inhibitor(s), 1%-3% of aqueous surface active agent(s), 3%-6% of zinc chrome, 4%-7% of polyol ester, and the balance water. The iron and steel product surface treating agent can be used for carrying out derusting, deoiling and phosphating on iron and steel products at the same time, and the generation amount of industrial waste water in the production process can be greatly reduced; the iron and steel product surface treating agent can be stored for a long time without lowering of the effectiveness, and uniform and compact phosphating films still can be formed on the surfaces of the iron and steel products even if the iron and steel product surface treating agent is stored for a long time; in addition, when the iron and steel product surface treating agent is used for carrying out comprehensive surface treating on the iron and steel products, the replacement frequency of bath solutions is low, the utilization rate of acid liquor is high, and the production cost of enterprises is low.