The invention relates to a preparation method of 5,6,7,4'-tetramethoxy flavone of scutellarin and aglucone key intermediate thereof. The 5,6,7,4'-tetramethoxy flavones is prepared by utilizing 2-hydroxyl-4,5,6-trimethoxy hypnone as the raw material and comprising a reaction a step and a reaction b step, wherein in the reaction a, 2-hydroxyl-4,5,6-trimethoxy hypnone and p-methoxybenzaldehyde are condensed to prepare a chalcone derivative; and in the reaction b, the chalcone derivative is processed in a oxidative cyclization mode to prepare the 5,6,7,4'-tetramethoxy flavone. The method has the advantages of simple operation steps and high product yield.