The invention discloses white asphalt for drilling fluid and a method for preparing the white asphalt for drilling fluid. The white asphalt is prepared from the following raw materials in parts by weight: 40 parts-50 parts of paraffin, 1 part-2 parts of alkylphenol polyoxyethylene ether, 4 parts-5 parts of polyethylene glycol, 4 parts-5 parts of polyacrylamide, 20 parts-30 parts of stearic acid and 20 parts-30 parts of light calcium carbonate. The method for preparing the white asphalt comprises the following steps: adding the paraffin, alkylphenol polyoxyethylene ether, polyethylene glycol and stearic acid into a reactor proportionally; raising the temperature of the reactor to 70 DEG C-100 DEG C, and then stirring for 20-40 minutes at constant temperature; adding polyacrylamide to be stirred for 30 minutes at constant temperature; and finally, uniformly adding light calcium carbonate to be stirred for 0.5-2 hours at constant temperature and then discharging, and carrying out spray granulation to obtain the white asphalt. The white asphalt does not damage a hydrocarbon reservoir, has good lubricating performance and prevents collapse and blockage, filtration can be effectively reduced, the capacity of oil-gas wells is improved, and the technical problems of easily generated loss, collapse and the like during a drilling process when stratums with complicated conditions are drilled are solved.