The invention provides a release agent for an aluminum alloy mold and a preparation method of the release agent. The release agent comprises, by weight, 10-20 parts of polyethylene wax, 1-5 parts of polyving akohol, 4-9 parts of silicone oil, 2-6 parts of boraxes, 19-27 parts of talcum powder, 6-14 parts of sodium dodecyl benzene sulfonate, 0.2-1.3 parts of cetyltrimethylammonium chloride, 5-10 parts of compound emulsifiers, 0.05-0.2 part of dichlorophen, 0.1-0.25 part of oxygen propylene ethylene oxide glyceryl ether, 0.2-1.4 parts of inhibiters, and 60-90 parts of water. The preparation method of the release agent comprises the steps that the raw materials are weighed according to the formula, and then stirred and cooled, and thus the release agent for the aluminum alloy mold is obtained. The release agent prepared through the method is safer, clean and free of pollution; compared with a traditional oil-based release agent, the release agent has the advantages that the cooling effect is good, accumulation is avoided, and the surface quality of castings is good; and compared with a powdery release agent, the release agent has the advantage of being low in cost.