The invention discloses a phosphoric-acid-base modified polycarboxylic-acid water reducer with high adaptability and a preparation method thereof. The water reducer is prepared from the following raw materials: isopentenol polyoxyethylene ether, hydrogen peroxide, acrylic acid, an unsaturated phosphoric acid monomer, deionized water, a reducing agent, and a chain transferring agent. The chain transferring agent is one of mercaptoethanol, mercaptoacetic acid and mercaptopropionic acid. The unsaturated phosphoric acid monomer is prepared from 2-phosphono-1,2,4-butanetricarboxylic acid, p-toluenesulfonic acid and hydroquinone. The preparation method for the water reducer comprises adding isopentenol polyoxyethylene ether and deionized water into a reaction vessel, uniformly stirring, heating, keeping warm, adding oxygen peroxide, then dropwise adding a material solution by employing a constant-flow pump, continuing to keep warm for reacting for 1-1.5 h after dropwise adding of the material solution is finished, naturally cooling to room temperature, and adjusting the pH value of the obtained product to 5-6 by using an alkaline solution. The phosphoric-acid-base modified polycarboxylic-acid water reducer possesses good sulfate ion resisting capability and sludge resisting capability, thereby satisfying engineering demand.