The invention discloses a preparation method of a thermoplastic polyester elastomer. The preparation method comprises the following steps: adding an antioxidant, a diphenyl ketone ultraviolet absorbent, a benzotriazole ultraviolet absorbent and a hindered amine light stabilizer to terephthalic acid, 1,4-butanediol and polytetrahydrofuran which are taken as raw materials, and conducting esterification and condensation reactions. By adding the diphenyl ketone ultraviolet absorbent, the benzotriazole ultraviolet absorbent and the hindered amine light stabilizer in a polymerizing process, ultraviolet light is absorbed and radicals in a high polymer are caught, so that light stability of the polyester elastomer is greatly improved, and outdoor illumination time, especially at temperature above maximum outdoor temperature, i.e., 30 DEG C, in summer, doubles time of a normal polyester elastomer; the prepared thermoplastic polyester elastomer disclosed by the invention is applicable to such fields as automobile parts, hydraulic hoses, cables and wires, electronics and electrical appliances, industrial products, stationery and sporting goods, and biological materials.