The invention provides an injecting paste material for underground structure water plugging and a preparation method thereof and belongs to the field of material science. The injecting paste material comprises the following raw materials in parts by weight: 200-600 parts of Portland cement, 600-900 parts of ultra-fine slag powder, 550-650 parts of water, 10-30 parts of sodium silicate, 5-10 parts of high efficiency slushing agent and 0.5-2 parts of cellulose ether. The water glass (sodium silicate) and Portland cement serve as an activator of the ultra-fine slag powder, the water amount of the injecting paste material is reduced by using the high efficiency slushing agent, the cellulose ether serves as a water-retaining agent, a thixotropic agent and a thickening agent of the injecting paste material, the superfine cement is replaced by employing the Portland cement and the ultra-fine slag powder, various materials can be mixed and stirred on site, the Portland cement, the ultra-fine slag powder and the cellulose ether are uniformly mixed and packaged in advance and are transported to the site and are uniformly mixed and stirred with water, water glass and high efficiency slushing agent, various requirements of the injecting paste are met, and the amount of the ultra-fine cement is reduced.