The invention belongs to the technical field of concrete auxiliary material, and particularly relates to a water reducing agent for concrete. The water reducing agent is characterized by comprising the following raw materials: polyethylene glycol, aminobenzene sulfonic acid, crylic acid, boric acid, hydroquinone, cyclohexane, polyethylene glycol metacrylic acid ester, ammonium persulfate, mercaptoethanol, formaldehyde, sodium silicate, calcium silicate, sodium methallyl sulfonate, a waterborne antirust agent with the market model JX-502, a concrete defoaming agent with a market model XWC-2530 or a model BYC-0852, water and sodium hydroxide. The invention further discloses a preparation method of the water reducing agent. The water reducing agent has the benefits of high slump retaining, bleeding resistance, lower delivery resistance of concrete pump, no bleeding line on concrete surface, no bubble, small color difference, good appearance quality, high freeze-proof capability, high convenience in construction, simple manufacture method and high easiness in mastering.