The invention discloses a compound disinsection water emulsion which contains fipronil and triazophos and a preparation method thereof. The water emulsion comprises 0.5-3 percent of the fipronil, 20-40 percent of the triazophos, 5-12 percent of emulsifier, 0-3 percent of stabilizer, 2-10 percent of cosolvent, 0-5 percent of antifreeze, 0-3.0 percent of thickener and the rest is dispersion medium water, which are dispersed evenly by a high-speed cutting and mixing emulsifier or are homogenized by a high-pressure homogenizer, thus obtaining the invention. The invention does not have insecticide resistance, has high efficacy and special effects on preventing rice stem borers, yellow rice borers, pink rice borers, rice leaf rollers, plutellid moths and diamondback moths; the invention also can control leafhoppers, plant hoppers, flies and coleopteran pests at the same time. The invention adopts the water as the dispersion medium and has the advantages that the invention does not pollute the environment, has no crystallization phenomena after two-year storage and has long shelf life; besides, the invention is not inflammable, can be safely stored and transported and has simple production technique; compared with using the fipronil independently, the cost of the invention can be reduced greatly.