The invention discloses an aqueous dry lamination adhesive and a preparation method thereof. Raw materials of the aqueous dry lamination adhesive comprise styrene, butyl acrylate, isooctyl acrylate, acrylonitrile, N-methylolacrylamide, hydroxyethyl acrylate, acrylic acid, rosin, potassium persulfate, sodium dodecylbenzene sulfonate, isooctyl phenol polyoxyethylene ether, sodium bicarbonate, deionized water, ammonia water, a wetting agent and antifoaming agent. Aqueous latex with a core-shell structure is prepared through a segmented polymerization technology, so functional groups make a substrate and a plastic film be fully bonded, and polymer molecular chains are self-crosslinked, thereby the adhesion and the peeling strength of the substrate are improved, the adhesive has excellent initial adhesion, pressure sensitivity and covering ability, the excellent leveling property and the dynamic wetability of the adhesive make a laminated product have brilliant gloss, and the adhesive can be widely used in paper plastic lamination.