The invention provides a preparation of a corrosion and scale inhibitor used for high alkaline high chlorine circulating cooling water which is prepared according to the following parts by weight: 23-25 parts of PESA, 23-25 parts of 2-phosphonic acid butane-1, 2, 4-tricarboxylic acid, 12-15 parts of corrosion and scale inhibitor, 10-15 parts of sodium gluconate, 5-8 parts of alkyl epoxy carboxylate, 2-3 parts of BTA, and 10-20 parts of pure water. The preparation comprises the following steps: adding industrial phosphoric acid of 400-420kg into a reaction kettle for stirring, adding triethanolamine of 140-160kg slowly within 30-35min, stirring for 50-60min, keeping the temperature at 40-80 DEG C, adding pure water of 385-400kg and stirring for 20-30min; adding zinc oxide of 45-55kg under stirring, stirring for 90-120min, and keeping the temperature at 40-80 DEG C to obtain the corrosion inhibition potentiating agent, adding PESA into the 2-phosphonic acid butane-1, 2, 4-tricarboxylic acid to mix with the solution of the corrosion inhibition potentiating agent, sequentially adding alkyl epoxy carboxylate, pure water and sodium gluconate to stir for 30-40min, keeping the temperature at 20-35 DEG C, then adding BTA, stirring for 30-60 min, and keeping the temperature at 20-35 DEG C to obtain the composite corrosion and scale inhibitor.