The invention provides a progesterone injection and the preparation method, which solves the problems of strong pungency, inconvenient use with prior progesterone injection, the problems of low stability and poor quality with prior progesterone micoremulsion, and the problems of high cost with asepsis preparation process. The weight percentage of the progesterone injection is: 0.5 to 2 percent of progesterone, 15 to 35 percent of oil for injection, 1 to 12 percent of emulsifier, 0.1 to 1 percent of assistant emulsifier, 0.2 to 2 percent of stabilizer, 0.01 to 2.5 percent of zntioxidant and allowance of water.