The invention discloses water-based paper and plastic laminating/peelable adhesive and a method for manufacturing the same. The water-based paper and plastic laminating/peelable adhesive comprises, by mass, 35-45 parts of wax emulsion, 45-55 parts of water-based polyurethane emulsion, 1-20 parts of tackifying resin, 1-5 parts of additives, 1-5 parts of coupling agents, 0.2-0.5 part of defoamers and 0.2-0.5 part of thickeners. The water-based paper and plastic laminating/peelable adhesive and the method have the advantages that the wax emulsion, the water-based polyurethane emulsion, the additives, the tackifying resin, the coupling agents, the thickeners and the defoamers are compounded with one another to finally manufacture the water-based paper and plastic laminating/peelable adhesive, the water-based paper and plastic laminating/peelable adhesive is high-temperature-resistant and is high in initial adhesion, permanent adhesion and peel strength when used for laminating paper and plastics, the paper cannot be torn by an adhesion surface of a film when separated from the plastics, and is prevented from being damaged, and the adhesion surface is not sticky after the paper is separated from the plastics.