The invention discloses corrugated paper pulp with waterproof and fireproof characteristics, and belongs to the technical field of papermaking. The corrugated paper pulp comprises plant fibers, ceramic fibers, aluminum hydroxide, ammonium chloride, rosin size, starch, chlorinated paraffin, dititanium trioxide, silicone oil, a flame retardant, titanium dioxide, polyvinyl alcohol, latex, a water repellent agent, paraffin, a softener, water and vegetable oil. A preparation method comprises the steps: firstly, uniformly stirring the plant fibers and the ceramic fibers, adding the rosin size and the starch into the mixture, and uniformly stirring; then adding an aqueous solution of aluminum hydroxide and ammonium chloride, and uniformly stirring; adding silicone oil, chlorinated paraffin and adititanium trioxide solution, and uniformly stirring; adding the flame retardant, titanium dioxide and water, and uniformly stirring; uniformly stirring the polyvinyl alcohol solution, the latex and ahydrophobic agent solution, adding a solution formed by paraffin, the softener and a proper amount of water into the obtained solution, and uniformly stirring to form the corrugated paper pulp. Corrugated board prepared from the corrugated paper pulp has the characteristics of fire resistance, flame retardancy, high temperature resistance, water resistance and moisture resistance.