The invention provides an oil-soluble thick oil yield increasing and viscosity reducing agent and preparation. The oil-soluble thick oil yield increasing and viscosity reducing agent is prepared from the following ingredients in parts by weight: 10 to 20 parts of acrylic acid higher-alcohol ester styrol copolymer, 5 to 8 parts of ketone, 10 to 20 parts of random polyether, 5 to 10 parts of glycoland 42 to 70 parts of organic solvents. The preparation method comprises the following steps of: sequentially adding the organic solvent, the ketone, the glycol and the random polyether to a reactionkettle, then, adding the acrylic acid higher-alcohol ester styrol copolymer under the stirring condition at 35 to 45 DEG C, controlling the temperature for 25 to 35 minutes, and uniformly stirring toobtain the product. The acrylic acid higher-alcohol ester styrol copolymer is adopted as an acrylic acid 12-18 alcohol ester styrol copolymer, the adopted ketone is acetone, cyclohexanone, 2-heptanone, ethyl methyl ketone, isophorone or N-methyl-2-ketopyrrolidine, and the adopted random polyether is formed through using fatty alcohol as an initiator to be mixed and polymerized with epoxy ethane and propylene oxide, wherein the fatty alcohol is C10-C14 alcohol, C12-C14 alcohol and C12-C16 alcohol or C12-C18 alcohol and C10-C14 alcohol or C12-C18 alcohol, wherein the ratio of the epoxy ethane to the propylene oxide is 1/1, 2/1 or 5/3. The product is used for thick oil extraction, the average oil yield is 35 to 45t per day, the average thin oil saving quantity is 10 to 22t per day, and the design effect can be reached.