The invention discloses polyurethane / polyvinyl acetate hybrid emulsion. The polyurethane / polyvinyl acetate hybrid emulsion is prepared from water, vinyl acetate, dihydric alcohol containing a hydrophilic group, macromolecular dihydric alcohol, polyether trihydric alcohol, isocyanate, a monohydroxy-containing unsaturated monomer, a chain extender, a metal catalyst T-12, protective colloid, a cross-linking monomer, a copolymerization monomer, an oxidant and a reducing agent; the parts by mass of the components are as follows respectively: 300 to 450 parts of the water, 180 to 320 parts of the vinyl acetate, 1 to 8 parts of the dihydric alcohol containing the hydrophilic group, 40 to 90 parts of the macromolecular dihydric alcohol, 5 to 30 parts of the polyether trihydric alcohol, 10 to 30 parts of the isocyanate, 1.0 to 5.0 parts of the monohydroxy-containing unsaturated monomer, 0.5 to 1.7 parts of the chain extender, 0.1 part of the metal catalyst T-12, 10 to 40 parts of the protective colloid, 10 to 40 parts of the cross-linking monomer, 50 to 100 parts of the copolymerization monomer, 1.1 to 10.5 parts of the oxidant and 1.5 to 5.5 parts of the reducing agent. The polyurethane / polyvinyl acetate hybrid emulsion disclosed by the invention has high stability, good water-resisting performance and good low temperature resisting performance.