The invention relates to a high oil absorption polyurethane foam which comprises the following components in parts by weight: 20 to 40 parts of isocyanate, 35 to 60 parts of polyol, 0.5 to 3 parts of catalyst, 0.5 to 3 parts of foam stabilizer, 5 to 10 parts of foaming agent, 2 to 10 parts of opening agent,5 to 20 parts of flame retardant, 5 to 15 parts of silicon rubber spherical micro powder and 0.5 to 2 parts of coupling agent. The preparation method comprises the following technology steps of weighing, prepolymerization, dispersing, polymerization foaming reaction, curing and peeling at room temperature and cutting. The high oil absorption polyurethane foam can be used for the absorption and recycle of various oil products (crude oil, engine oil, diesel fuel, gasoline, kerosene and the like) on water surfaces, ground or surfaces of other objects, and various oil soluble organic compounds (benzene, methylbenzene, dimethylbenzene, chloroform, nitrobenzene, chlorobenzene and the like). The invention has the advantages of simple technology and low cost, obviously improves the dispersing effect of the silicon rubber spherical micro powder in a polymerization system by using ultrasonic technique, and greatly increase the oil absorption quantity and oil absorption rate of the polyurethane foam by adding the silicon rubber spherical micro powder.