The present invention relates to a humidity-regulating, odor-removing, antibacterial and mould-proof wallpaper, which can effectively regulate the air humidity, absorb the polluting gases in the air and inhibit the reproduction of bacteria and mould. The wallpaper is produced by the drying, cooling and embossing of a basal paper and pasty material coated on the basal paper. According to weight percentages, the pasty material is made from 20 percent to 60 percent of PVC, 25 percent to 50 percent of filling, 5 percent to 15 percent of titanium pigment, 3 percent to 5 percent of the mixture of nano-ZnO and nano-TiO2, 1.5 percent to 3.5 percent of mould inhibitor, 1.5 percent to 3.5 percent of plasticiser, 0.5 percent to 2.5 percent of viscosity depressant, 1.5 percent to 2.5 percent of stabilizer and 0.5 percent to 1.0 percent of bisphenol A. Firstly, the PVC is made into paste and then uniformly mixed with the bisphenol A and the plasticiser; secondly, after being uniformly mixed with the filling, the paste is uniformly mixed with the titanium pigment, the nano-ZnO, the nano-TiO2 and the mould inhibitor and then the stabilizer; and finally, the viscosity depressant is added to regulate the viscosity of the paste in order to obtain the pasty material, which is then coated on the basal paper. The wallpaper has the advantages of no toxicity, no offensive odor, environment-friendliness, long service life, waterproofness and no deformation.