The invention relates to the technical field of high temperature chain oil, and particularly relates to high temperature chain oil compatible with water-soluble paint and a preparation method thereof.The high temperature chain oil includes raw materials of an extreme pressure anti-wear agent, an antioxidant, a preservative, a dispersant and a base oil mixture. The high temperature chain oil compatible with the water-soluble paint has better compatibility with the water-soluble paint, better kinematic viscosity, better flow property, anti-wear property, compressive strength and anti-oxidationproperty, less evaporation loss, unobvious coking, unobvious carbon deposition, no carbon deposition residue after working at high temperature for long time, strong anti-corrosion ability, low friction coefficient, and excellent high temperature stability, fully can be used in the coating industry, and can achieve requirements, the use effect is very good, meanwhile, the preparation method is simple and easy to implement, the operation method is simple, process conditions are mild, the method is easy to be widely popularized and implemented, the raw material are low in cost, the production cost is lower, and a coated product and production environment are not polluted.