The invention discloses an etchant of a molybdenum and / or aluminum containing metal film for an OLED (Organic Light Emitting Diode) and a preparation method thereof. The etchant comprises nitric acid aqueous solution, phosphoric acid aqueous solution, betaine ampholytic surfactant and water, wherein the nitric acid aqueous solution accounts for 1-10%, preferably 2-8%, of the total weight of the etchant; the phosphoric acid aqueous solution accounts for 40-80%, preferably 50-70%, of the total weight of the etchant,; the betaine ampholytic surfactant accounts for 0.1-5%, preferably 0.5-2%, of the total weight of the etchant; and the balance is water. By the adoption of the etchant, solid liquid interface tension between the etchant and the metal film can be effectively improved, and the surface wettability of metal is improved. The etching speed is stabilized, and etching precision is improved; and more importantly, a taper angle can be effectively controlled to 20-70 degrees, and no etching residue is generated. The etchant has the advantages of high efficacy, high precision and important application value.