The invention discloses a viscosity-reducing type polycarboxylic acid water reducing agent preparation method, which comprises: (1) preparing an esterification monomer; (2) carrying out a copolymerization reaction; and (3) carrying out a neutralization reaction. According to the present invention, the viscosity-reducing type polycarboxylic acid water reducing agent is prepared by co-polymerizing 2-allyloxyethanol, a blend, VPEG, 2-methacryloyloxyethyl phosphorylcholine and an unsaturated acid, such that the phosphate radical, the carboxylate radical, the quaternary ammonium salt and the estergroup are introduced into the molecular structure of the polymer while the polymer structure is lightly cross-linked, wherein the product obtained by the esterification of the single carboxy in 2-phosphonobutane-1,2,4-tricarboxylicacid prepared by a 2-phosphonobutane-1,2,4-tricarboxylicacid esterification reaction, the product obtained by the esterification of the two carboxy in a small amount of2-phosphonobutane-1,2,4-tricarboxylicacid and the product obtained by the esterification of the three carboxy in a small amount of 2-phosphonobutane-1,2,4-tricarboxylicacid form the blend; and the prepared viscosity-reducing type polycarboxylic acid water reducing agent has advantages of viscosity reducing, water reducing, slump retaining and mud resistance, and can solve the problems of high viscosity, poor workability and rapid loss due to the high mud content in the current concrete raw materials.