The invention discloses a catalyst for regenerating aromatic hydrocarbon heat conduction oil and a preparation method of the catalyst. The catalyst is prepared by an impregnation method, Al2O3 is used as a carrier, and the catalyst is prepared from the following components in percentage by mass: 15-30% of NiO, 1-10% of MoO3, 3-10% of solid alkali and the balance of the Al2O3 carrier. The catalyst disclosed by the invention has the positive effects that the solid alkali as an acid resistant component is added to the catalyst, so that the corrosion of residual acid of waste heat conduction oil to the catalyst is reduced, and heat conduction oil products with stable acidity can be obtained. Active components Ni and Mo loaded by the carrier with a large specific surface area and high strength are adopted, so that the Ni and the Mo are effectively loaded, and the catalyst is not pulverized in high-temperature high-pressure soaking. The aromatic hydrocarbon heat conduction oil regenerated by the catalyst can enable the waste heat conduction oil to be regenerated into high-quality heat conduction oil.