The invention aims to provide a thermal transfer wax ribbon, which comprises a thermal transfer ink layer and a heat resistant ink layer which are coated on a base ribbon, and is characterized in that: thermal transfer ink consists of 30 to 70 weight percent of wax substance, 20 to 40 weight percent of resin, 0.5 to 5 weight percent of aid and 10 to 30 weight percent of coloring agent. A preparation method comprises the following steps of: fully mixing the wax substance and the resin uniformly under the condition of heating and melting; fully mixing the mixture and the coloring agent and the aid by using a basket mill to form the thermal transfer ink; and coating the ink on the surface of the base ribbon, and coating heat resistant ink on the other surface of the base ribbon. The resin content in the thermal transfer ink is high, the wax and the resin have good intermiscibility in the melting state under the condition that a solvent is not suitable to be used, the sufficient adhesion between the thermal transfer ink and a print medium is ensured, and the printed pictures or characters have high abrasion resistance, and high definition for a long time; and the solvent is never used, so that the environment-friendly effect is achieved.