The invention relates to a dust suppressant for suppressing mineral powder and dust exposed on the ground and a preparation method thereof. The dust suppressant comprises dust suppressing powder and water according to a mass ratio of 1:(30-150), the dust suppressing powder comprises, by weight, 5-45 parts of gelatinizing agent, 15-50 parts of auxiliary material and food-grade preservative accounting for 2-18% of total mass of the dust suppressing powder, the gelatinizing agent comprises one or multiple of sesbania gum, carboxymethylcellulose, polyacrylamide, latex powder, maltodextrin, guar gum and xanthan gum, and the auxiliary material comprises tapioca gelatinized starch, sodium humate, glucose, humic acid, attapulgite and diatomite. Through reasonable matching with modified starch, high bonding force with the mineral powder and good wind-erosion-resistant dust suppressing effect, a prepared dust suppressant solution is low in viscosity, little in power needed for spraying, high instability, less prone to layering and low in using cost, and production raw materials of the dust suppressant itself are easy to get and low in cost.