The invention relates to preparation and a deodorization method of 2-methyl-4,6-bis(n-octyl thiomethyl) phenol. O-cresol, 1-mercaptooctane, paraformaldehyde and dimethylamine are added to a reactor once, the reactor is sealed and heated to 90-130 DEG C for a reaction for 6-9 h, then a dimethylamine-containing aqueous phase in a system is removed, the reactor is heated to 90-130 DEG C again and vacuum is applied to minus 0.020-minus 0.097 Mpa, the reaction is performed for 2-3 h, dimethylamine is removed to the greatest extent, the reaction is performed thoroughly, and the purity is higher than 98.0%. Active substances such as aldehyde and ketone perfume or alpha-beta-containing unsaturated double-bond aldehyde and ketone perfume with pleasant odor are added to prepared 2-methyl-4,6-bis(n-octyl thiomethyl) phenol, so that odor caused by residual 1-mercaptooctane can be removed.