The invention relates to a liquid-state metal dispersion liquid preparation method, particularly to a micron-scale or nano-scale liquid-state metal water-based dispersion liquid prepared by using a microgel as a protective layer and capable of stably stored, and preparation thereof. The preparation method comprises: adding a liquid-state metal into a soluble natural polymer dispersion liquid, uniformly mixing, and carrying out low-temperature ultrasonic cavitation to obtain a dispersion liquid with uniform particle size and uniform dispersion, wherein the soluble natural polymer dispersion liquid comprises a soluble polymer and a water-based solution, and the soluble polymer is one or a plurality of materials selected from sodium alginate (SA), hyaluronic acid (HA), sodium carboxymethyl cellulose (CMC) and quaternized chitosan (Qch). According to the invention, the liquid-state metal dispersion liquid has characteristics of high preparation efficiency, adjustable particle size, stabledispersion, long-term storage, high biocompatibility and the like, and can be used as electric-conductive ink for the fields of printed electronics, wearable sensors, drivers or biomedical conductivecomponents and the like.