The invention discloses a method for synthesizing terpene diol from turpentine and preparing terpineol and acetate. Add turpentine, water, phosphoric acid, α-hydroxy acid, co-catalyst and emulsifier into a reaction kettle, start stirring, and react to obtain Synthetic product; the synthetic product is statically crystallized, filtered to obtain hydrated terpene diol crystals, the filtrate is allowed to stand for stratification, and the upper layer is oil containing hydration products; the above-mentioned terpene diol crystals are added to a dehydration reaction kettle and water is added, stirred and heated, react to obtain the crude terpineol product; add the above-mentioned terpene diol crystals into the esterification reaction kettle, add acetic anhydride, stir, and heat up to react to obtain the crude acetate product; use the crude terpineol product or ethyl ester product Neutralize in lime water, wash with water, and fractionate the product after washing under reduced pressure to obtain refined terpineol or acetate product. The method of the invention has the advantages of simple process, less discharge of three wastes, mild reaction conditions, high yield of terpineol, and better social, ecological and economic benefits.