The invention discloses a sustained-release oxidizing agent taking calcium peroxide as the matrix and ethyl cellulose as the coating and a preparation method thereof. The oxidizing agent is prepared from calcium peroxide (60%), a binding agent, attapulgite, and ethyl cellulose according to a certain ratio. The preparation method comprises the following steps: step A, evenly mixing calcium peroxide (60%), a binding agent, and attapulgite, and granulating the mixture to obtain particles with a size of 3 to 5 mm; step B, according to the weight of particles obtained in the step A, supplying enough ethyl cellulose, coating particles by ethyl cellulose, and drying to obtain the sustained-release oxidizing agent. The formula is reasonable, the method is feasible, and the operation is simple. The problem that calcium peroxide releases oxygen in gleying paddy fields in a short period is solved, the growth environment for paddy rice in gleying paddy fields is improved; after calcium peroxide is coated by ethyl cellulose, the oxygen release time is prolonged to 100 days or more, and, compared with that of calcium peroxide powder, the oxygen release time is prolonged by 58 days or more, in other words 1.4 times or more. The oxidizing agent has a great popularization and application value in the middle and lower reaches, which have many glyeing paddy fields, of Changjiang River.