A lithographic printing plate precursor including an image recording layer on a hydrophilic support, in which the image recording layer includes a polymerization initiator, an infrared absorbent, a polymerizable compound, and an acid color former, and the infrared absorbent includes a compound represented by Formula 1, as well as a method of preparing a lithographic printing plate by use of the lithographic printing plate precursor. In Formula 1, at least one of Ar1 or Ar2 has a group represented by the following Formula 2. —X  Formula 2 X represents a halogen atom, —C(═O)—X2—R11, —C(═O)—NR12R13, —O—C(═O)—R14, —CN, —SO2N15R16, or a perfluoroalkyl group, X2 represents a single bond or an oxygen atom, R11 and R14 each independently represent an alkyl group or an aryl group, and R12, R13, R15 and R16 each independently represent a hydrogen atom, an alkyl group, or an aryl group.