The invention discloses a preparation method of lipid natural meat flavor. According to the method, meat and fat of the meat are used as raw materials, an oxidized enzymolysis liquid is obtained through enzymolysis and moderate oxidization, and the natural meat flavor is prepared from the oxidized enzymolysis liquid, meat paste subjected to enzymolysis and other reaction raw materials through a Maillard reaction, blending and homogenization. The method is combined with a fat enzymolysis and oxidization control technology and a protein enzymolysis technology, so that the fat oxidization is controlled, protein is fully hydrolyzed, a product is higher in volatility and characteristic feature, the nutritional value and the flavor of the product are improved, and the taste is fuller and more real. The meat flavor prepared from the raw materials with the process is simple in process, low in cost, suitable for industrial production, mellow, full, strong and natural in aroma and capable of being widely applied to seasoning and aroma enhancement of instant noodle seasoning packets, meat products, seasonings, snack food, puffed food, quick-frozen prepared food as well as salty food such as animal feed, pet food and the like.