The invention discloses a waterproof adhesive, which is prepared by taking plant pulp as a main material and adding potassium permanganate, sodium hydroxide, sodium dodecyl diphenyl ether disulfonate, boric acid, hydrogen peroxide, light calcium carbonate, white wax and pure water. The waterproof adhesive comprises the following ingredients by weight: 40 percent of the plant pulp, 8 percent of the potassium permanganate, 5 percent of the hydrogen peroxide, 4 percent of sodium hydroxide alkali solution with baume degree of between 16, 10 percent of the boric acid or borax, 5 percent of the sodium dodecyl diphenyl ether disulfonate, 5 percent of OP-10, 4 percent of the light calcium carbonate, 4 percent of the white wax and 15 percent of the pure water. A production method of the waterproof adhesive comprises the steps of preparation of the plant pulp, oxidation, gelatinization, crosslinking, tackification, drying and packaging. Compared with the prior art, the waterproof adhesive has good sulfur fixing effect in briquettes due to an unique formula, and has the sulfur fixing rate high up to 61.5 percent through the test, so the waterproof adhesive does not need to add any inert substance, has good catalytic effect, and can greatly improve reaction activity and combustion performance.