The invention relates to a bone cement containing cooling agent and a preparation method. The bone cement mainly comprises powder and liquid, wherein the powder contains benzoyl peroxide, silver-strontium-magnesium apatite, polyacrylate, barium sulfate and the like, and the liquid contains the cooling agent. The powder and the liquid are mixed according to a powder-to-liquid weight ratio of (1-2.5):1, so that the bone cement is prepared. The cooling agent is introduced into the liquid of the bone cement, the cooling agent carries out lipid exchange endothermic reaction with methyl methacrylatein the process of bone cement solidification, and is grafted onto a PMMA molecular chain, and because of heat absorption, heat released by MMA polymerization reaction is reduced, so that the highesttemperature of the bone cement is decreased; moreover, because the solidification time of the bone cement is prolonged by the addition of the cooling agent, the gathering and accumulation of heat is further reduced, and thereby the highest temperature of the bone cement is decreased. The bone cement prepared by the invention has the characteristics of good antibacterial property, good injectability and the like, as well as good biocompatibility and osteoinductivity, and can be used in the fixation of a variety of fractures and the filling and repair of bone defects.