The present invention provides a temperature-resistant and salt-resistant hydrophobic association polymer preparation method, which comprises: (1) sequentially adding deionized water, disodium ethylenediaminetetraacetate, an acrylamide monomer, N,N-dioctylacrylamide, 2-acrylamido-2-methylpropanesulfonic acid, a surfactant, a co-solvent, a chain transfer agent and an inorganic salt to a polymerization kettle, uniformly stirring, and cooling to a temperature of 5-10 DEG C under the action of frozen salt water; (2) introducing high purity nitrogen for 1-2 h, adding a multi-stage composite initiator, carrying out an adiabatic polymerization reaction for 5-7 h, taking out a colloid, and granulating; and (3) adding a hydrolysis agent, carrying out hydrolysis for 2-4 h at a temperature of 90-110 DEG C, and drying for 2-3 h at a temperature of 90-110 DEG C to obtain the temperature-resistant and salt-resistant hydrophobic association polymer. According to the present invention, the prepared temperature-resistant and salt-resistant hydrophobic association polymer has advantages of good tackifying property, good temperature resistance, good salt resistance, good shearing resistance, good long-term stability, and high oil displacement efficiency.