The invention discloses preparation of a donkey oil lip protector. A preparation method comprises the following steps: heating and dissolving solid grease white beeswax, candelilla wax, shea butter ina constant-temperature water bath kettle of 70 to 80 DEG C; adding liquid grease olive oil, donkey oil, sweet almond oil for continually heating till all greases are dissolved to obtain a liquid composite base material; pouring the liquid composite base material into a mold, placing the mold at an ultralow temperature environment of -56 to -60 DEG C for refrigerating and molding for 10 to 15 minutes; inserting the molded lip protector into a lip protector tube, separating the lip protector from the mold by using a vacuuming principle to obtain a donkey oil lip protector product. By adopting the donkey oil lip protector, natural donkey oil, olive oil, the sweet almond oil and organic shea butter are taken as active raw materials for composing a formula, each component has synergetic efficacy, the prepared donkey oil lip protector has super moisture protecting effect, is mild to lip skin, and free from stimulation; no heavy metal or toxic chemical substances are added, so that the donkey oil lip protector is a pure natural edible lip protector.