The present invention relates to a thermal sublimation ink based on disperse black dye compounding, and a preparation method thereof, wherein the thermal sublimation ink comprises, by mass, 25-55% of a pigment paste, 1-10% of a wetting agent, 1-10% of a leveling agent, 20-45% of water, and 5-25% of a solvent, wherein the pigment paste comprises, by weight, 20-30 parts of a disperse black dye, 25-35 parts of a solvent, 40-70 parts of water, 0.5-2 parts of a surfactant, and 5-10 parts of a dispersant, and the surfactant is ligninsulfonate and has a sulfonation degree of 1.5-2.0 mmol/g. According to the present invention, the specific amount of the disperse black dye, the solvent, the water, the surfactant and the dispersant are compounded to form the pigment paste, and the sulfonation degree of the ligninsulfonate is creatively controlled so as to control the charge balance after the combination of the ligninsulfonate and the dye, such that the dye in the thermal sublimation ink can be stably dispersed in the case of the small particle size, and the advantages of high coloring rate, strong coloring, high color fastness and high transfer rate can be provided during the use.