The invention relates to high-safety emulsion explosive for a coal mine. The explosive comprises the following raw materials: ammonium nitrate, sodium nitrate, calcium nitrate, sensitizing agent, urea, compound flame inhibitor, water, compound emulsifier, a compound oil phase, foaming agent, foaming accelerating agent and expanded perlite; and the preparation steps of the high-safety emulsion explosive are as follows: preparing a water phase, preparing the oil phase, emulsifying, cooling, sensitizing and charging and packaging.The explosive performance accords with the GB18095-2000 standard, a mine-gas-safety test shows that the test reading is 250g, 0/5 when any flammable item is suspended, the mine gas does not ignite gas, and the safety level of the explosive is one grade higher than that of the explosive for three-grade coal mines with the highest grade in China; and on the premise of ensuring the safety of combustible gas, a new formula with the compound flame inhibitor, the compound foaming agent and ethanolamine nitrate or potassium nitrate added as the sensitizing agent is adopted, thus, the initiation sensitivity of the explosive is improved, the anti-deflagrability capability of the explosive is enhanced, and the safe production of the coal mine is better ensured.