The invention discloses a lubricating dispersing agent for lead electrolysis, and belongs to the technical field of lubricating dispersing agent. The dispersing agent comprises, by weight, 48-52 partsof bone glue, 48-52 parts of xylem, 8.5-11.5 parts of PEG and 1130-1905 parts of water. the preparation of the lubricating dispersing agent comprises the steps that the PEG with the above weight partis added to a dissolving tank with 180-345 parts of water, steam is introduced, the PEG is heated and stirred to reach the temperature of 48-52 DEG C to be melted until the PEG is completely dissolved, the completely dissolved is put into a completely dissolved bone glue solution, the xylem with the above weight part is added to stirred for 5-10 minutes until the xylem is completely dissolved andthe solution is uniform, and the lubricating dispersing agent for lead electrolysis is obtained. The agent has the advantages that short circuits can be further reduced by 50%-60%, precipitated metalis flatter and brighter, the electric efficiency is improved, and unit consumption is reduced.