The invention relates to a preparation method of an oil stabilizing and water controlling proppant, which comprises the following steps of: (1) preparing a hydrophobic polymer; (1) mixing the prepared hydrophobic polymer and quartz sand or ceramic granules subjected to surface treatment, and drying at a certain temperature to ensure that the hydrophobic polymer is cured on the surfaces of quartz sand or ceramic granules; and (3) cooling and crushing to obtain the novel oil stabilizing and water controlling proppant. The proppant prepared by using the preparation method has the excellent oil stabilizing and water controlling effects besides filling and propping effects to the stratum.