The invention discloses a dynamically vulcanized polylactic acid plastic / rubber thermoplastic elastomer and a preparation method thereof. In parts by mass, its raw materials include the following components: 20-90 parts of polylactic acid, 10-80 parts of rubber, 0.1-1 part of antioxidant, 1-10 parts of interface modifier, and 0.1-4.8 parts of crosslinking agent , 0.1-4.2 parts of auxiliary cross-linking agent; during preparation, mix polylactic acid, antioxidant, rubber and interface modifier evenly at a temperature of 150-190 ° C, and add cross-linking agent and auxiliary cross-linking agent under high-speed shearing The crosslinking agent dynamically vulcanizes the rubber phase to obtain a polylactic acid plastic / rubber thermoplastic elastomer prepared by dynamic vulcanization. The polylactic acid plastic / rubber thermoplastic elastomer obtained in the present invention has high mechanical strength, excellent impact performance, repeatable processing and other characteristics, and can be widely used in medical treatment, automobile industry, agricultural production, packaging, clothing, information electronics industry, chemical industry , new energy and environmental protection.