The invention discloses waterproof putty for a building inner wall. The waterproof putty is prepared from, by weight, 10-16 parts of polyving akohol, 12-20 parts of hydroxypropyl methyl cellulose, 90-103 parts of coarse whiting, 12-18 parts of paraffin, 8-13 parts of superfine silica powder, 10-16 parts of polyvinyl chloride, 18-24 parts of kaolin, 11-15 parts of talcum powder, 1.3-1.6 parts of higher alcohol fatty acid ester complex, 2.5-3.2 parts of kieselguhr, 1.8-2.2 parts of benzoic acid and 1.2-1.6 parts of lignin. The waterproof putty for the building inner wall is white, fine and high in waterproof intensity, has superior bonding strength, has no hollowing, peeling and crazing phenomena after being moistened, and is free of toxin, odorless and suitable for inner wall plaster, cement mortar, masonry, gypsum plates and other base materials.