The invention relates to a capacitor working electrolyte for ultra-high temperature LED lamps, comprising the following components in parts by weight: 65-70 parts of ethylene glycol, 3-5 parts of diethylene glycol, 8-15 parts XP-8, 10-15 parts of ammonium isosebacate, 10-15 parts of ammonium sebacate, 2-8 parts of polyethylene glycol 2000, 0.15-0.25 parts of ammonium hypophosphite, and 1-1.5 partsof p-nitrobenzyl alcohol. A preparation method of the capacitor working electrolyte comprises the steps of: (1) firstly mixing ethylene glycol, diethylene glycol, ammonium isosebacate, XP-8 and ammonium sebacate, heating the mixture to 115 DEG C, and performing heat preservation for 15 minutes; (2) then adding the polyethylene glycol 2000, heating to 135 DEG C, and performing heat preservation for 40 minutes; and (3) finally adding the ammonium hypophosphite, heating to 145 DEG C, performing heat preservation for 120 minutes, cooling to 85 DEG C, adding the p-nitrobenzyl alcohol, performing heat preservation for 13 minutes, finally heating to 145 DEG C, performing heat preservation for 30 minutes, and naturally cooling the product. The capacitor working electrolyte provided by the invention has good electrochemical performance and has a wide working temperature range.