The present invention provides a whiteboard color chalk capable of fading, and a preparation method thereof, wherein the raw materials of the whiteboard color chalk comprise, by mass, 40-45% of emulsified wax, 20-25% of stearic acid, 14-18% of talc powder, 6-10% of polyethylene glycol, 1-2% of sodium polyacrylate, 2-4% of a coloring agent, 5-6% of glycerin, and 0.6-0.8% of white carbon black, wherein the coloring agent is one or a plurality of materials selected from methyl blue, acid fuchsin and acid green 3#. According to the present invention, the preparation method is simple, and the prepared color chalk has characteristics of smooth writing and clear writing on the whiteboard, fading and no trace after erasure with the erasure agent, no stimulating effect on the skin, and green environmental protection.