The invention discloses monoalkyl/dialkyl phosphinate and a preparation method thereof. The method comprises the steps that: water is adopted as a reaction medium; under the effect of an initiator I, hypophosphite is subjected to a reaction with alkene I under a temperature of 70-90 DEG C, such that monoalkyl phosphinate is obtained; the temperature is increased to 90-110 DEG C by heating; the obtained monoalkyl phosphinate is subjected to a reaction with alkene II under the effect of an initiator II, such that dialkyl phosphinate is obtained; Or, water is adopted as a reaction medium; under the effect of an initiator III, hypophosphite is subjected to a reaction with alkene III under a temperature of 70-120 DEG C, such that dialkyl phosphinate is obtained. The hypophosphite is hypophosphorous acid salt of Mg, Ca, Al, Sb, Sn, Ge, Ti, Zn, Fe, Zr, or Sr. According to the invention, hypophosphite is directly adopted as a raw material, and the monoalkyl/dialkyl phosphinate is obtained with a one-step method. The reaction period is short, a total yield is high, product purity is high, process flow is simple, no organic solvent or other solvent is adopted, and no subsequent processing is needed. When the product is salified, the contents of other salts are low. The product is easy to wash.