The invention relates to the technical field of polypeptide drug preparation, and provides polyethylene glycol modified octreotide and a preparation method thereof. The method is characterized in thatthe method adopts a solid-phase synthesis method to couple octreotide main chains onto resin from a C end to an N end in sequence, an N end protecting group Fmoc is removed and then coupled with oneend of adipic acid through an amido bond, the other end of the adipic acid is coupled with polyethylene glycol, and finally, trifluoroacetic acid is used for deprotection and then liquid-phase cyclization is carried out. The compound can keep the original activity of the octreotide, overcomes the problem of short half-life period of the octreotide, greatly improves the clinical application compliance and has better application value.