The invention discloses a P-N intumescent flame retardant and a preparation method thereof. The P-N intumescent flame retardant is poly2, 2-bis(4-para-aminobenzoic acid-phenylphosphine oxide phenyl)propane. The preparation method includes: (a) adding a solvent glacial acetic acid, a catalyst aluminium trichloride, phenylphosphonic dichloride and bisphenol A into a flask in order to react for 4h; (b) dissolving para-aminobenzoic acid in glacial acetic acid to form a mixed solution, then adding the solution obtained in step a, firstly raising the temperature to 90DEG C and conducting high speed stirring reaction for 4h, then further raising the temperature to 130DEG C, and performing high speed stirring reaction for 2h; and (c) subjecting the reaction product obtained in step b to cooling, hydrolysis, alkali washing, water washing, suction filtration and drying so as to obtain white powder, i.e. the P-N intumescent flame retardant. The P-N intumescent flame retardant provided by the invention overcomes the disadvantages of generation of harmful gas, environment pollution, fuming, influence to mechanical properties and the like of common flame retardants, has double carboxyl terminal group, can key effective flame retardant components to a PA66 main chain to play an essential flame retardant role, and has the advantages of no harm, fume suppression, high efficiency and environmental protection, etc.