A micro-suspension self-selection water shutoff and profile control agent. A layer self-selection water shutoff and profile control agent applied to oil deposit with middle and high water content can carry out self-selection water shutoff and profile control in a layer of complex oil deposit with middle and high water content, a lateral well and a secondary big pore channel. The water shutoff and profile control agent comprises 5-50% of asphalt, 1-5% of olefin, 0.5-1.0% of octadearyl dimethyl ammonium chloride, 0.1-0.15% of carboxymethyl cellulose sodium, 5-15% of stable control agent sodium hydroxide aqueous solution and the balance of water. The preparation method comprises step of processing the raw materials into stable micro fluid suspension with a particle size of 1 mum-1mm through machinery crushing and grinding by a colloid mill. The invention has the following beneficial effects: the water shutoff and profile control agent can be applied to layer self-selection water shutoff and profile control of oil deposit with high water content; a main agent asphalt can be dissolved in light oil completely but not in water; plastic colloid can be precipitated; and blocking of different strength can be realized through reasonable selection and assembly of softening points of the main agent.