The invention provides a taxol composition for injection, which comprises taxol, oil for injection, an emulsifying agent and a stabilizing agent, wherein the oil for injection is selected from at least one of soybean oil, olive oil, coix seed oil, medium chain triglyceride as well as vitamin E and derivatives thereof, and the emulsifying agent is selected from at least one of egg yolk lecithin, soybean lecithin and synthetic lipid as well as amino acid. The invention also provides a preparation method of the taxol composition for injection, wherein an oil phase is prepared by the following steps: mixing and stirring taxol, the emulsifying agent and absolute ethyl alcohol until the solution is clear, then adding the oil for injection and the stabilizing agent, further stirring until the solution is clear, and volatilizing ethyl alcohol in vacuum so as to obtain the oil phase. The taxol composition for injection, provided by the invention, is high in drug loading capacity, low in lipid content and good in stability and is capable of reducing the medication risk of taxol for injection and increasing the compliance of patients.