The invention relates to the technical field of tobacco flavors and spices, and in particular, relates to honey and grapefruit composite fragrance type electronic cigarette oil and a preparation method thereof. The electronic cigarette oil comprises, in pats by mass, 0.5 to 3 parts of phenylethyl phenylacetate, 0.1 to 0.5 part of phenylacetic acid, 0.2 to 1.0 part of p-cresyl acetate, 0.5 to 3 parts of methyl phenylacetate, 0.1 to 0.5 part of menthyl acetate, 1.5 to 5.0 parts of isobutyl phenylacetate, 0.2 to 0.8 part of ethyl phenylacetate, 0.5 to 3.5 parts of damascenone, 0.2 to 0.8 part ofnatural citral, 0.5 to 3 parts of beewax absolute oil, 0.3 to 1 part of phenylamyl acetate, 0.2 to 1.0 part of vanillin, 10 to 20 parts of benzyl alcohol, 1 to 5 parts of ethyl cinnamate, 0.5 to 3 parts of isophorone oxide, 2 to 8 parts of nootkatone, 0.2 to 1.0 part of Buchu oil, 0.2 to 0.8 part of bitter apricot seed oil, 1.5 to 5.5 parts of ethyl maltol and 750 to 850 parts of propylene glycol.The electronic cigarette oil which has honey grapefruit fragrance, harmonious and natural fragrance, soft and fine smoke and comfortable taste is obtained through matching of multiple components, andthe preparation method is simple, low in cost and capable of being used for large-scale industrial production.