The invention discloses a water dispersible profile control agent for oil extraction and a preparation method thereof. The water dispersible profile control agent comprises the following components in parts by weight: 70-150 parts of acrylamide, 5-10 parts of anionic monomer, 5-10 parts of cationic monomer, 1-5 parts of hydrophobic monomer, 15-55 parts of dispersant, 30-85 parts of inorganic salt and 230-500 parts of deionized water. By virtue of water in water dispersion polymerization, the product is instant, so that the liquid preparation time and the curing time of a conventional polyacrylamide solution are shortened. A cationic chain link is introduced based on a conventional gel, so that gel molecules and rocks with negative electricity firmly adsorb so as to increase the flow resistance of water and improve the scouring resistance of the gel. The water dispersible profile control agent is low in initial viscosity, good in pumping property, simple in construction process and small in environmental damage. The water dispersible profile control agent is good in biological stability, and the profile control period of validity is over half a year. The product is obtained by virtue of water in water dispersion polymerization and is instant in the using process.