The invention relates to a preparation method of an aliphatic high range water reducer applying industry byproduct and the application thereof, which belongs to the field of concrete water reducer. The invention uses the industry byproduct in production of sulfonation-process phenol or the byproduct (Na2SO3 content is 60-85percent) in production of p-cresol and sodium hydrosulfite to produce the aliphatic high range water reducer and takes acetone, formaldehyde, industry byproduct, sulphite or sodium pyrosulfite as raw materials and then sulfonation and condensation reactions are carried out in aqueous medium, the reactant weight ratio is acetone: formaldehyde: sulphite plus industry byproduct: water is equal to 1:2.5-4.5:1.5-2.6:4.0-6.0, the mass concentration of the condensation compound obtained is 30-42 percent, and the viscosity thereof is 20-100m.Pa.S. The product performance of the invention is similar to the common product, but the cost is reduced by 10-20 percent. The invention has environmental protection and waste utilization, can be applied to preparation of various concrete members and production of ready mixed concrete and has good industrialization prospect.