The invention discloses a retarded crosslinking deep profile control agent and a preparation method thereof, and belongs to the technical field of oilfield chemistry. The deep profile control agent is prepared from the following components by mass concentration: 0.1-1.0% of hydrophobically associating polyacrylamide, 0.1-1.0% of cyclodextrin/phenol clathrate, 0.1-0.5% of urotropine, 0.1-0.4% of citric acid, and water serving as a solvent. Hydrophobically associating polyacrylamide is novel water-soluble polyacrylamide, and has critical association concentration; when the concentration of a polymer is greater than the critical association concentration, a hydrophobic group generates intermolecular association, so that the viscosity of the solution is greatly increased and the solution displays good performances such as temperature resistance, salt resistance, shearing resistance and the like. Phenol is slowly released by the competitive clathration of the hydrophobic group in hydrophobically associating polyacrylamide on phenol, so that the gelation time can be effectively retarded; meanwhile, the gelation time can be regulated and controlled, so that deep profile control is selectively carried out on high-permeability reservoirs, large ducts, cracks and the like.