The invention discloses an environmentally-friendly rubber oil and a preparation method thereof. The method comprises the following steps: 1, extracting inferior cycloalkyl heavy wax oil in a propane deasphalting extraction tower with propane to obtain a refined liquid at the top of the propane deasphalting extraction tower, and recovering a solvent to obtain refined heavy wax oil; and 2, carrying out solvent refinement of the refined heavy wax oil in an extraction tower to obtain an extract liquid at the bottom of the extraction tower and a refined liquid at the top of the extraction tower, recovering the solvent of the extract liquid to obtain extract oil, and recovering the solvent of the refined liquid to obtain the environmentally-friendly rubber oil. The method utilizing the inferior cycloalkyl heavy wax oil to prepare the environmentally-friendly rubber oil widens the raw material source of the environmentally-friendly rubber oil, satisfies the demands of the markets at home and abroad, and also greatly improves the added values of the inferior cycloalkyl heavy wax oil. The method has the advantages of small solvent ratio in the solvent refining process, low energy consumption and solvent consumption, and high target product yield.