The invention belongs to the technical field of cosmetics, and particularly relates to depilatory paste and a preparation method thereof. The depilatory paste comprises the following components in percentage by weight: 5-20% of a depilating active agent, 2-6% of sodium cetostearylsulfate, 1-5% of cetostearyl alcohol, 1-5% of lavender oil, 4-6% of olive oil, 1-5% of vaseline, 5-10% of honey, 1-5% of clarithromycin, 1-2% of salicylic acid, 1-3% of vitamin A and 33-78% of water. The depilatory paste is capable of diminishing inflammation, carrying out sterilization, protecting the skin and cleaning pores, and is also capable of effectively preventing and relieving epifolliculitis. Meanwhile, the depilatory paste is simple in preparation method, good in depilation effect and wide in applicable range, and especially can be used by patients suffering from folliculitis.