The invention relates to the technical field of chemical industry, and discloses a peculiar smell and formaldehyde removing agent and a preparation method thereof. The peculiar smell and formaldehyderemoving agent is composed of the following components: 65-85 parts of deionized water, 2-8 parts of a Sorb active matter, 0.2-0.8 part of a preservative, 0.2-2 parts of mineral oil, 0.2-0.8 part of vegetable oil, 10-30 parts of ethanol and 0.3-0.8 part of an antioxidant. According to the peculiar smell and formaldehyde removing agent and the preparation method thereof, the removing agent can effectively remove various smells including smells of amines, sulfur-containing compounds, acid substances, formaldehyde and the like, has formaldehyde purification efficiency of up to 88.3%, and is freeof skin irritation, eye irritation and sensitization, good in effect, small in harm to human bodies, easy to biodegrade, friendly to environment and reliable to use, and is of an actual non-toxic grade and a water body harm grade 1; and the removing agent has extremely good effect in a specific environment; for example, when the removing agent is used for removing dsulfide, the removing agent doesnot react with other aromatic odors and has good compatibility with most of the fragrances, and the Sorb active substance in the main components of the removing agent contains a benzalkonium chloridesterilization active substance which can effectively sterilize and inhibit the growth of bacteria.