The invention relates to the technical field of semiconductor devices, in particular to a reflecting electrode, a preparation method of the reflecting electrode and an LED chip. The reflecting electrode comprises a metal reflecting layer, a laminated metal barrier layer and a metal covering layer which are connected in sequence, the metal reflecting layer comprises an Ag layer; the laminated metal barrier layer comprises at least two of a Ti layer, a Ni layer, a Pt layer and a Cr layer; the metal covering layer comprises at least one of an Au layer, a Cu layer, an Al layer and a Zn layer. Through cooperation of the metal reflecting layer, the laminated metal barrier layer and the metal covering layer, efficient bonding between the metal reflecting layer and the substrate is achieved, meanwhile, the stability of the metal reflecting layer can be guaranteed, metal migration of the metal reflecting layer is prevented, and the problem of tilting caused by tensile stress due to different Mohs hardness can be solved.