NOVELTY - Preparation of 2-halogenated-5-trifluoromethyl benzyl alcohol compound (I) involves reacting 4-halogenated benzotrifluoride (II) with paraformaldehyde and conducting chloromethylation reaction using chlorinating agent to form 2-halo-5-trifluoromethyl benzyl chloride (III), subjecting compound (III) to esterification reaction using acid-binding agent in the presence of a solvent to obtain compound 2-halo-5-trifluoromethyl-benzyl ester (IV), and subjecting compound (IV) to hydrolysis reaction using an acidic or alkaline aqueous solution to obtain (I).    USE - For the preparation of 2-halogenated-5-trifluoromethyl benzyl alcohol compound (claimed) used as cholesterol lowering medicine intermediate and as cholesterol ester transfer protein (CETP) inhibitor intermediate, where the inhibitor is used for treating coronary heart disease (CHD) and atherosclerosis and as as pharmaceutical intermediate.    ADVANTAGE - The method easily obtains the intermediate compound, has low cost, is environment-friendly and energy-saving, is simple and easy to realize for industrialization, achieves high product yield, and provides product in good purity with stable quality. The method provides the compound in high yield with improved purity.    DETAILED DESCRIPTION - Preparation of 2-halogenated-5-trifluoromethyl benzyl alcohol compound of formula (I) involves reacting 4-halogenated benzotrifluoride of formula (II) with paraformaldehyde and conducting chloromethylation reaction using chlorinating agent to obtain a compound of formula 2-halo-5-trifluoromethyl benzyl chloride of formula (III), subjecting compound (III) to esterification reaction using acid-binding agent in the presence of a solvent to obtain compound of formula of 2-halo-5-trifluoromethyl-benzyl ester of formula (IV), and subjecting compound (IV) to hydrolysis reaction using an acidic or alkaline aqueous solution to obtain 2-halogenated-5-trifluoromethyl benzyl alcohol.    X=F, Cl, Br or I;    R1=hydrogen atom or 1-3C alkyl.