The invention belongs to the technical field of lubricating oil additives, and particularly relates to a preparation method of a bononized lubricating oil dispersing agent. The method comprises the following steps: reacting alkenyl-terminated polyisobutyldiene and maleic anhydride to obtain polyalkylene butanedioic anhydride, heating, adding an initiator, stirring uniformly, adding methacrylate, reacting, and separating an intermediate product A; heating the intermediate product A and toluene, adding tetraethylenepentamine, reacting the intermediate product A with the tetraethylenepentamine, removing the solvent after the reaction finishes, and collecting a product B; and heating the product B, adding a bononizing agent, an accelerator and a solvent, heating to react, and recovering the solvent, thereby obtaining the bononized lubricating oil dispersing agent. The generated product has the advantages of no boric acid precipitation, high temperature resistance, favorable oxidation resistance, low micelle concentration, favorable dispersibility, favorable wear resistance under extreme pressure conditions, simple technique, no need of special equipment in the production process, and low production cost; and the solvent used in the bononizing process can be recovered and recycled.