The invention discloses a modified starch adhesive and a method for preparing the same. The modified starch adhesive comprises the following components by weight: 30-50 parts of corn starch, 80-120 parts of deionized water, 25-40 parts of sodium hypochlorite solution, 0.5-2 parts of epichlorohydrin, 30-70 parts of polyvinyl acetate emulsion, 10-30 parts of epoxy resin, 2-7 parts of tertiary amine catalyst, 5-15 parts of filler, 0.2-1 part of surfactant, and 0.2-0.6 part of preservative, wherein the sodium hypochlorite solution serves as the oxidant, the polyvinyl acetate emulsion serves as the high-cohesive-energy reinforcement component, and the epoxy resin servers as the water-tolerant modified component. The method for preparing the modified starch adhesive comprises the following steps: mixing the oxidized starch emulsion prepared in advance, the polyvinyl acetate emulsion and the epoxy resin according to proportion uniformly, adding the catalyst, the filler and the preservative, and stirring quickly and uniformly. The modified starch adhesive disclosed by the invention has the advantages of high shear strength, high water-tolerant shear strength, moderate viscosity, good liquidity, moderate primary drying time, low cost and excellent integrated performance.