The invention provides an environment-friendly branched polyether water treatment agent (APEZ), and relates to a phosphorus-free and nitrogen-free and biodegradable environment-friendly branched polyether water treatment agent and a preparation method of the water treatment agent, belongs to the field of preparation and application of water treatment agents, and is applicable to a circulating cooling water system, in particular to high-calcium cooling water. The water treatment agent is prepared by subjecting polyether carboxylic acid reactive monomer and vinyl unsaturated double-bond containing monomer to free-radical copolymerization, and the water treatment agent has a structural formula shown in the description, wherein A is a repetition structure unit obtained by copolymerizing the vinyl unsaturated double-bond containing monomer, and the repetition structure unit has the polymerization degree x of 1 to 5000, and polymerization degree y of 1 to 5000, and the repetitive unit m is 1 to 100. A dirt dispersion agent is biodegradable, has excellent effect of inhibiting scales from Ca3 (PO4)2, CaCo3 and CaSO4, and high dispersion performance, and is an environment-friendly polyether water treatment agent.