The invention discloses a ferronickel slag magnesium phosphate binding material and application thereof. The binding material is prepared from 6-12 parts of ferronickel slag, 12-25 parts of dead burned magnesia, 3-12 parts of phosphate and 1-10 parts of retarder. The ferronickel slag magnesium phosphate binding material is used in structural members requiring high strength in early age period and rush-repair work. The ferronickel slag magnesium phosphate binding material has the advantages of achieving rapid hardening and early strengthening, and being high in strength and small in shrinkage deformation, the interior structure is more compact, the porosity is low, and the durability including water tolerance is improved. Moreover, according to the ferronickel slag magnesium phosphate binding material, innocent treatment of the ferronickel slag is achieved, high-efficiency resource utilization of industrial waste residues is promoted, and on the premise that the mechanical properties of the binding material is guaranteed, the consumption of dead burned magnesia is reduced, the consumption of a non-renewable resource, namely magnesite, and energy loss are reduced, the production cost of the magnesium phosphate binding material is decreased, and therefore, economic benefits and environmental benefits are remarkable.