The invention discloses a flubendiamide and natural pyrethrins compounded suspending agent and a preparation method thereof. The compounded suspending agent is composed of flubendiamide, natural pyrethrins, dispersing agents, wetting agents, thickening agents, antifreezing agents, preservatives, antifoaming agents and water. The preparation method of the compounded suspending agent comprises adding flubendiamide, natural pyrethrins, the dispersing agents, the wetting agents, the thickening agents, the antifreezing agents, the preservatives, the antifoaming agents and the water into a high-shearing dispersing mulser, and after dispersing evenly, performing sanding and screening to obtain the flubendiamide and natural pyrethrins compounded suspending agent with the grain size to be 0.5-5mu m.The compounded suspending agent is wide in pest control spectrum, prevents pests from easily generating chemical resistance, is simple in manufacturing process and low in production cost, does not need plenty of organic solvents, reduces costs, and reduces irritation of the organic solvents on operators and pollution to the environment.