The invention provides a method for preparing a 5,6,7,4'-tetrahydroxyflavone compound, which is characterized by comprising the following steps: taking breviscapinun as a raw material, and performing heating reflux reaction between the breviscapinun and alcohol under the catalysis of acid, namely adding 200 to 500 ml of alcohol substance and 1 to 3 ml of 4 to 5 percent acid into 12 to 20 g of the breviscapinun for the heating reflux reaction; and filtering a product, and drying to a constant weight to obtain 5,6,7,4'-tetrahydroxyflavone shown in a formula I. Experiments prove that the 5,6,7,4'-tetrahydroxyflavone shows obvious strengthening effect on acquisition, consolidation and representation of brain memory of a mice model of alzheimer disease, has obvious improving effect on learning memory of the mice model with memory loss caused by anisodine of an M-cholinergic inhibitor, and can obviously improve the recent memory and long-term memory capacities of mice. The experiments also prove that the 5,6,7,4'-tetrahydroxyflavone has the effect of treating arthritis, and also has good treating effects on diabetes mellitus and osteoporosis.