The invention relates to hydroxyethylated meletin derivative with general formula (I), and the R1, R2, R3, R4, R5 are H or -CH2CH2OH, and at least one of R1, R2, R3, R4, R5 is -CH2CH2OH, but R1, R2 are not H, and R3, R4, R5 are -CH2CH2OH. The invention also relates to method for preparing said compound, comprising dissolving meletin in basic solution, adding epoxyethane or chlorethanol, stirring, neutralizing with acid to be neutral, getting coarse product; removing salt with one methodof normal chromatogram, chromatogram, hyperfiltration, ion exchange, electrodialysis and hyperfiltration; drying and getting yellow or amber-yellow powder hydroxyethylated meletin derivative. The product is widely used in preparing drug, cosmetics, health products and foodstuff.