The invention relates to a preparation method of an alkali lignin modified polycarboxylic acid-type high-efficiency coal water slurry dispersant. The method comprises the steps: at the temperature of 50-80 DEG C, carrying out a copolymerization reaction of a polyoxyethylene ether macromonomer, an unsaturated carboxylic acid monomer, an unsaturated sulfonate monomer and an initiator for 2-3 h in an aqueous solution, adjusting the temperature to 30-50 DEG C, adding epoxy chloropropane, carrying out a reaction for 0.5-1 h, adding an alkaline regulator, adjusting the pH value to 10-12, adding an alkali lignin solution with the mass concentration of 20-50%, adjusting the reaction temperature to 60-80 DEG C, dropwise adding a composite initiator aqueous solution with the mass concentration of 2%, carrying out a reaction for 1-3 h, and thus obtaining a liquid product. The product has the dispersion viscosity reduction performance on coal water slurry superior to that of a naphthalenesulfonate formaldehyde condensation compound, and has good dispersion stability on coal slurry; and while original dispersive ability and other characteristics of the polycarboxylic acid-type dispersant are maintained, the production cost is reduced, and the usage amount of non-renewable resources and toxic materials is lowered.