The invention discloses a high viscosity briquette waterproof composite binder, which includes the following raw materials by weight: 350-400 parts of pregelatinized starch, 400-450 parts of magnesium oxide, 100-150 parts of fly ash, 50-100 parts of red mud, 6-8 parts of soda ash, and 4-6 parts of polyacrylamide. The binder provided by the invention has viscosity of greater than or equal to 20000Mpa.s, granularity of 200-mesh up to 85%, a moisture content of less than or equal to 10% and a pH value of 8.5-9.0. The briquette provided from the binder provided by the invention not only has strong waterproof performance, but also has the advantages of flammability, good thermal stability, high cold-hot strength, high reaction activity, high thermal efficiency and environmental protection, also has the advantages of wide raw material sources, low cost, simple preparation process and the like, has very good social, ecological and economic benefits, and is easy to realize large-scale production.