The leather scrap modified foamed shoe insole comprises, by weight, 30 parts of EVA, 15-20 parts of regenerated EVA, 15-50 parts of leather scrap grafted polybutadiene, 1.3-1.5 parts of a foaming agent AC, 1.0-1.2 parts of a cross-linking agent BIBP, 1.0-1.1 parts of zinc stearate, 0.8-1.0 part of zinc oxide, 1.0-1.3 parts of stearic acid and 5-8 parts of talcum powder. According to the invention,carboxyl groups in maleic anhydride grafted polybutadiene and amido groups of leather scraps are subjected to amidation crosslinking by utilizing a melt grafting modification technology, so that thecompatibility of leather wastes and EVA shoe materials is improved; a macromolecular protein is introduced into EVA, so that the problem of environmental pollution caused by difficult biodegradation of EVA can be solved; and through amidation crosslinking, the environment-friendly performance of the EVA shoe materials is improved, the crosslinking degree between molecular chains can be increased,the leather scrap modified foaming material with excellent performance is obtained, high-value utilization of leather waste is achieved, resource recycling is achieved, environmental pollution is reduced, and the production cost of shoe materials is reduced.