The invention discloses a compounding and a preparation method for lead-free electronic slurry used for a solar silicon photocell; according to the mass percentage, the slurry is obtained by preparing 70 to 75 percent of aluminium powders, 20 to 25 percent of organic adhesive, 1 to 5 percent of inorganic glass powders and 1 to 5 percent of additives; the aluminium powder is ball-shaped aluminium powder with the surface covered by an aluminium nitride protection layer, with the purity not less than 99.9 percent and the average grain size of 2 to 6 microns; simultaneously, organic adhesives consisting of ethyl cellulose, resin, hexadecanol, diethyleneglycol monomethyl ether, diethyleneglycol monobutyl ether, terpineol and n-butyl alcohol are added into the aluminium powder; the inorganic glass powder is silicon dioxide, boracic acid, alumina, antimony oxide and zirconia; the additive consists of Span and pump oil. The product prepared by the method of the invention has no dust generation or aluminium peeling phenomenon and achieves the requirement of no lead and environmental protection.