A process for preparing the octretide acetate includes such steps as loading Boc-Thr(Ac)-Wang resin in reactor, adding the liquid mixture of TFA and dichloromethane, reacting, washing, adding the liquid mixture of triethane and dichloromethane, adding Fmoc-Cys(Trt)-OH, TBTU and HOBt, dissolving in peptide conjugating agent, testing amino radical to show negative, adding end closing agent and cap removing agent, washing, adding Fmoc-Thr(Trt)-OH, TBTU and HOBt, dissolving in peptide conjugating agent, testing amino radical to show negative, adding end closing agent and cap removing agent, washing, adding Fmoc-Thr(tBu)-OH, TBTU, HOBt, Fmoc-Lys(Boc)-OH, TBTU and HOBt, dissolving, adding Fmoc-D-Trp(Boc)-OH, TBTU and HOBt, dissolving in peptide conjugating agent, adding Fmoc-Phe-OH, TBTU and HOBt, washing, dewatering, adding Fmoc-Cys(Trt)-OH, TBTU, HOBt, Fmoc-D-Phe-OH, TBTU and HOBt, drying to obtain octapeptide resin, further processing, and freez drying. Its advantage is low cost.