The invention discloses an aldehyde-free low-cost polysaccharide adhesive and a preparation method thereof. The aldehyde-free low-cost polysaccharide adhesive is prepared from the following componentsin parts by weight: 20-25 parts of a main agent, 55-60 parts of dispersed medium water, 6-16 parts of a crosslinking agent, 1-2 parts of a reinforcing agent and 1-3 parts of a viscosity regulator. The preparation method of the polysaccharide-based adhesive comprises the following steps: firstly, all the components are weighed according to the weight ratio, the reinforcing agent and the dispersedmedium water are mixed, and ultrasonic dispersion is conducted for 15 minutes; then, the main agent is added into a prepared solution, and a mixed solution is homogenized for 15 minutes under the pressure of 70 MPa through a high-pressure homogenizer; and finally, the crosslinking agent and the viscosity regulator are added into a mixture obtained in the second step successively, and even stirringis conducted. The adhesive prepared through the simple preparation method has the advantages of high crosslinking density, good water-resistance performance, high dry and wet strength, adjustable viscosity, low curing temperature and the like, the practical requirements for a plywood adhesive are met, the production cost is low, the preparation process is simple, large-scale mass production can be conducted, and development of the environment-friendly high-performance adhesive industry is promoted advantageously.