The invention discloses an oily hair wax containing Chinese herbal medicines and a preparation method of the oily hair wax, and belongs to the technical field of cosmetics. The oily hair wax comprises the following components in parts by weight: 30-40 parts of lignite wax, 8-10 parts of a hexadecanol and octadecanol mixture, 8-15 parts of stearin, 10-15 parts of a propolis oil solution, 3-7 parts of an opacifying agent Op301, 10-15 parts of glycerin, 10-13 parts of an angelica sinensis extract, 8-10 parts of a ginseng extract, 10-15 parts of a radix rehmanniae recen extract, 15-20 parts of a polygonum multiflorum extract, 5-8 parts of a salviae miltiorrhizae extract, 3-5 parts of a sesame extract, 10-15 parts of a walnut extract, 15-20 parts of a mint extract, 3-5 parts of an essence and 10-15 parts of deionized water. The oily hair wax disclosed by the invention is capable of nourishing hair roots, has a significant improvement effect on the symptoms such as insomnia and dreaminess, pain in the waist and back, deficiency body and amnesia after being used for a long period of time, and meets the urgent requirements of the public on the hair wax with nutrition and herbal nourishment effects at present.