The invention discloses non-yellowing polyurethane memory cotton and a preparation method thereof. The non-yellowing polyurethane memory cotton is prepared from the following raw materials in parts byweight: 50-80 parts of high activity polyether polyols, 5-40 parts of slow rebound polyether, 2-35 parts of polymer polyols, 1-10 parts of chain extender, 0.2-3 parts of foam stabilizer, 0.5-3 partsof composite catalyst, 1-4 parts of water and 30-60 parts of aliphatic series isocyanate. The non-yellowing polyurethane memory cotton is composed of selected raw materials, the content of each raw material is optimized, the high activity polyether polyols, the slow rebound polyether, the polymer polyols, the chain extender, the foam stabilizer, the composite catalyst, the water and the aliphaticseries isocyanate are selected with proper proportions, respective advantages are given full play, mutual complementation and improvement are achieved, the quality stability of products is improved, the prepared non-yellowing polyurethane memory cotton is high in color fastness to light, good in phemol yellowing resistance, high in smoke resistance, long in slow rebound recovery time and low in falling sphere rebound rate.