The invention discloses an anti-yellowing thermoplastic polyurethane elastomer and a preparation method thereof. The polyurethane elastomer has shore hardness of 60 to 75 A. The polyurethane elastomeris prepared from the following raw materials: polyester glycol, 1,4-butanediol, an anti-ultraviolet absorbent, di(2,2,6,6-tetramethyl-4-pipradrol)sebacic acid ester, 4,4'-diphenylmethane diisocyanate, an antioxidant and a catalyst. According to the anti-yellowing thermoplastic polyurethane elastomer and the preparation method thereof, the shore hardness of the thermoplastic polyurethane elastomeris up to 60 to 75 A, and the injection molding period is effectively shortened, so that a phenomenon of sticking of a mold during processing is avoided. Furthermore, due to addition of the anti-ultraviolet absorbent, the polyurethane elastomer disclosed by the invention is excellent in anti-yellowing property. Moreover, the injection molding period and the intensity of the thermoplastic polyurethane elastomer can be balanced by regulating and controlling the use amount of a catalyst. The preparation method of the polyurethane elastomer is environmentally friendly, economical, high in weatherresistance, high in injection molding speed and high in processing efficiency, and can be widely applied to injection molding of products such as a shoe material, a triangular belt and sheet rubber.