The invention discloses an oil-based compression-resistant cutting fluid. The oil-based compression-resistant cutting fluid is prepared from, by weight, 25-50 parts of base oil, 2.5-7 parts of naphthenic oil, 11-18 parts of sodium petroleum sulfonate, 12-20 parts of barium petroleum sulfonate, 6-10 parts of oleic acid, 7-15 parts of boronic acid, 3-8 parts of sodium molybdate, 5-7 parts of diethanolamine-boronic acid-maleic anhydride compound ester, 17-23 parts of phenolic ether phosphate ester, 3.5-7 parts of sodium benzoate, 21-25 parts of triethanolamine, 11-18 parts of sebacic acid, 9-11 parts of fungicide, 1-3 parts of sodium hydroxide, 7-13 parts of alkenyl succinic acid and 35-45 parts of water. The invention further discloses a preparation method of the oil-based compression-resistant cutting fluid. The cutting fluid is easy and convenient to use and maintain, waste liquor treatment cost is low, the cutting liquid is low in harmness to human bodies and small in pollution to environment, and the production process is simple.