The invention discloses a color-changing lip balm with repairing effect, which comprises the following raw materials: tridecyl trimellitate, glycerol tri(ethylhexanoate), diisostearyl malate, C10‑ Cholesteryl / Lanosterol 30 Acid Ester, C12‑15 Alcohol Benzoate, Pond Seed Oil, Shea Butter, Thickener, Hydrogenated Polyisobutylene, Functional Actives, Antioxidant, and Colorant; Active ingredients include safflower seed oil, buttongrass flower / leaf / stem extract, Astragalus membranaceus root extract, ubiquinone and tocopherols. The invention also discloses a preparation method of the color-changing lip balm. The color-changing lip balm provided by the invention has the effect of repairing and anti-inflammation, has good repairing ability for dry lines, dryness, roughness and other lip problems, and can protect and nourish the lips and dilute lip lines, and bring gloss to the lips. Makes lips fuller. And the color will change with the pH value, temperature and moisture of the lips.