The invention belongs to the technical field of adhesives, in particular to a method for preparing a flame-retardant and waterproof adhesive for corrugated cartons, which specifically includes the following steps: (1) preparing a silicone modified emulsion; (2) preparing a white prepolymerized emulsion; ( 3) Preparation of acrylic modified flame retardant silicone emulsion (4) Put 110~120 parts of acrylic modified flame retardant silicone emulsion into a high-speed mixer, add 1.5~2.3 parts of carnallite powder and 24~27 parts of polyhalite powder , 5~7 parts of flame retardant, stir and mix evenly. The adhesive prepared by the present invention is transparent, has strong adhesion, good stability, water-based adhesive bonding, quick-drying, acid and alkali resistance, does not contain organic solvents, is non-toxic, tasteless, non-flammable, environmentally friendly, non-polluting, and can Realize pollution-free production. It is suitable for cartons without coating and glazing, and has a strong protective effect on corrugated cartons.