The invention discloses a screen phenol-containing thiadiazole type antioxygen antiwear additive and a preparation method thereof, wherein the chemical name of the additive is 2-(3,5-di-tert-butyl-4-hydroxy-benzyl)thio-5-alkylthio 1,3,4-thiadiazole. According to the preparation method, 2,5-dimercapto-1,3,4-thiadiazole is adopted as a raw material, the 2,5-dimercapto-1,3,4-thiadiazole and a halogenated alkane are subjected to a nucleophilic substitution reaction under a catalyst effect to generate monoalkyl thiadiazole, and the monoalkyl thiadiazole, formaldehyde and 2,6-di-tert-butylphenol are subjected to a condensation polymerization reaction under a catalyst effect to obtain 2-(3,5-di-tert-butyl-4-hydroxy-benzyl)thio-5-alkylthio 1,3,4-thiadiazole type lubricating oil multifunction additive, wherein the additive is characterized in that good oxidation resistance, extreme pressure property, wear resistance and corrosion resistance are provided for the lubricant with the additive, and the additive can be combined with other additives to provide good synergy effects, can be adopted to partly or completely replace ZDDP, and is applicable for internal combustion engine oils and industrial lubricating oils.