The invention relates to an oil and gas field environment-friendly fracturing propping agent prepared by well drilling solid waste and a preparation method thereof; the oil and gas field environment-friendly fracturing propping agent adopts the well drilling solid waste as a raw material, and comprises, by the weight percentage, 20%-60% of the well drilling solid waste, 3%-7% of sand, 1%-5% of ironmaking waste slag, 5%-8% of portland cement, 6%-10% of sulphoaluminate cement, 5%-10% of a curing agent, 2%-3% of manganese dioxide, 4%-6% of sodium sulfate, 2%-5% of barium carbonate, 5%-8% of water-swelling rubber particles, 0.5%-1% of an excitation agent, 0.4%-0.8% of a reinforcing agent, 0.2%-0.5% of a defoaming agent, 0.1%-0.5% of a water reducing agent, 0.3%-0.6% of an impregnating agent, and 1.2%-1.5% of sodium methyl cellulose. The oil and gas field environment-friendly fracturing propping agent provided by the invention has the advantages of good compressive strength, strong crush resistant capability, small density and low production cost; the well drilling solid waste can be fully utilized, the waste is turned into treasure, the environment is protected, and the resources are saved.