The invention relates to a preparation method of a high-elastic and environment-friendly crayon. The preparation method comprises the following steps of (1) weighing the raw materials according to the ratio of the components, mixing white or colorless solid powder and stearic acid, and uniformly grinding for further use; (2) adding emulsifying wax into a flask, enabling a magnetic stirrer to heat and stir, and melting the emulsifying wax, until the emulsifying wax is fully melted; (3) adding macromolecular polymer into the melted emulsifying wax, and continuing to stir, until the macromolecular polymer is completely melted; (4) adding the powder in step (1), a color developing agent and an adhesive into the step (3), continuously performing stirring until the powder, the color developing agent and the adhesive are completely dissolved into the uniform opacifying form, and adding a color developing additive in the stirring process until the color is completely developed and the stirring is uniform; (5) adding the materials into a die of a vacuum injection molding machine, and performing forming, so as to form a cylindrical product; performing cutting as required after cooling, so as to obtain the high-elastic and environment-friendly crayon.