The invention discloses a preparation method and a product of a hydrogel plaster for cold compress. The method comprises the following steps: (1) performing an esterifying reaction on polyethylene glycol, polyvinyl alcohol and acrylic acid in the presence of an esterification catalyst to obtain polyethylene glycol and polyvinyl alcohol mixed acrylate; (2) mixing the polyethylene glycol and polyvinyl alcohol mixed acrylate with water-based tackifying resin, a crosslinking agent, a photoinitiator, a humectant, a mildew inhibitor, a cooling agent and water to obtain a hydrogel plaster stock solution for cold compress; and (3) continuously coating a substrate with the hydrogel plaster stock solution for cold compress through a coater, performing ultraviolet illumination to cure the gel, and cutting and packaging the cured gel to obtain the hydrogel plaster product. The preparation method of the hydrogel plaster has the advantages of convenient sources of raw materials, simple production process, rapidness and completeness in gel curing, and suitableness for mass production, and the obtained product has the advantages of stability in storage, no bubbles, high transparency, obvious cooling effect, good applicability and good moisture retention property.