Vegetable oil is, under nitrogen protection, reacted with ethanolamine at 120-150℃ for 3h, and amidated, then reacted with P 2O 5 as a phosphorylating agent for 5h to synthesize phosphate, followed by the adjustment of pH to 6 0-8.0 with triethanolamine as a neutralizing agent. The product is finally mixed with chlorinated paraffin, high_carbon alcohol, etc, at 60-90℃ to produce the title fatliquor. Leather fatliquoured with it has soft but no grasy hands, and no yellowing surface has been found for the white leathers, as well.