The invention discloses a serum-free medium for mesenchymal stem cells (MSCs). The serum-free medium comprises a basic medium, recombinant human insulin, cholesterol, recombinant fibronectin, sodium linoleate, recombinant human transferrin, perilla seed protein, stilbene glycoside, resveratrol and a ginkgo biloba extract. According to the serum-free medium, the recombinant human transferrin and the plant protein perilla seed protein are added to be compounded, the stilbene glycoside, the resveratrol and the ginkgo biloba extract are compounded for use, on one hand, the serum-free medium has effects of resisting oxidation and scavenging free radicals and contributes to keeping cell activity; and on the other hand, the serum-free medium still keeps a higher proliferation speed and a better growth state of cells under the condition that exogenous serum is not added. The serum-free medium comprises clear components, the repeatability, accuracy and stability of an experiment can be improved, raw materials are easy to obtain, and the preparation cost of the serum-free medium is effectively reduced. The invention further provides a preparation method of the serum-free medium, and the preparation process is convenient and easy to operate.