The invention relates to an anti-sloughing diluted filtration reducing agent for drilling fluid and a preparation method thereof. The filtration reducing agent is prepared from the following raw materials by weight portion: 80 to 120 portions of substance containing humic acid, 30 to 80 portions of sodium metabisulfite, 300 to 500 portions of water, 10 to 30 portions of ammonium hydrolyzed polyacrylonitrile, 2 to 15 portions of cross linking agent, 30 to 50 portions of potassium hydroxide, 5 to 20 portions of complexing agent, 1 to 10 portions of urea and 10 to 20 portions of organic siliconeresin. The preparation method comprises the following steps: weighting the water, the potassium hydroxide, lignite or peat or weathered coal and the sodium metabisulfite by weight portion, adding thematerials into a stirred autoclave, sealing the stirred autoclave, raising the temperature, performing reaction and reducing the temperature; adding the ammonium hydrolyzed polyacrylonitrile, the cross linking agent, the complexing agent, the urea and the organic silicone resin by weight portion into the stirred autoclave after the temperature reduction, sealing the stirred autoclave, raising thetemperature and stirring for reaction; and discharging, and performing spray drying on a product to obtain a finished product. The anti-sloughing diluted filtration reducing agent has good comprehensive performance, can prevent slough of mineshafts and reduce the filtration loss and viscosity of slurry, and is easy to realize safe production.