The invention discloses a method for preparing high-quality and odorless regenerated rubber. The method comprises the steps of crushing and magnetic separation and chemical desulfurization, wherein the step of crushing and magnetic separation comprises the processes of crushing lumpy tires by a coarse crusher, sieving, so as to obtain coarse granules, carrying out first-time magnetic separation and second-time magnetic separation, so as to obtain pure coarse rubber granules and recovered steel wires, crushing the pure coarse rubber granules by a crushing machine, and then, sieving, thereby obtaining tread rubber powder; the step of chemical desulfurization comprises the processes of adding the tread rubber powder and auxiliaries, wherein a formula comprises the following ingredients in parts by weight: 1,200-2,000 parts of tread rubber powder, 120-200 parts of vegetable oil asphalt, 2-10 parts of activator, 10-40 parts of carbonate and 100-400 parts of water. According to the method, iron wires can be effectively separated, so that the wear to equipment is reduced, and the quality of the prepared tread rubber powder is good; the existing softener is replaced with the vegetable oil asphalt, and meanwhile, carbonate is added, so that the prepared product reaches the class-A recycled rubber standard of the national standard, is environmental-friendly and odorless and is not subjected to bluing.