The invention discloses an external formula for drawing out poison, clearing damp, dispelling cold, diminishing inflammation and relieving pain as well as a preparation method thereof. The external formula for drawing out poison, clearing damp, dispelling cold, diminishing inflammation and relieving pain comprises the following components in parts by weight: 4500 to 5500 parts of vegetable oil, 450 to 550 parts of willow branch, 450 to 550 parts of mulberry branch, 450 to 550 parts of elm branch, 450 to 550 parts of pepper tree branch, 250 to 350 parts of spina gleditsiae, 40 to 60 parts of monkshood, 40 to 60 parts of radix aconiti agrestis, 40 to 60 parts of aconitum flavum and 100 to 200 parts of yellow lead. Through years of practical research and development, the external formula fordrawing out poison, clearing damp, dispelling cold, diminishing inflammation and relieving pain can eliminate various body joint problems caused by inflammation, hyperplasia and pain within short time, has the curative effect of expelling wind and dispelling cold, expelling wind and clearing damp, diminishing inflammation, relieving pain, promoting blood circulation to remove blood stasis, stimulating menstruation and activating collaterals, drawing out poison and eliminating swelling as well as clearing away heat and toxic materials, and can be widely applied to clinical first-line.