The invention discloses an EVA (Ethylene-Vinyl Acetate) composite emulsion type low temperature-resistant and environmentally-friendly all-purpose adhesive and a preparation method thereof, belonging to the field of water-based adhesives. The invention adopts the technical scheme that an EVA emulsion is modified by utilizing a rosin tackifying resin emulsion and a polyurethane emulsion together to prepare the EVA emulsion all-purpose adhesive. The all-purpose adhesive comprises the following components in parts by weight: 65-80 parts of EVA emulsion, 5-15 parts of rosin tackifying resin emulsion, 5-15 parts of polyurethane emulsion and the balance of auxiliary agent, wherein the auxiliary agent comprises an antifreeze agent, a plasticizer, a mildew-proof agent, a wetting agent and a pH regulator. When making, the preparation method comprises the following steps of: adding the EVA emulsion to a dispersion kettle with a stirrer, and uniformly stirring; adding the polyurethane emulsion, and stirring and mixing for 1.0-1.5h; then adding the rosin tackifying resin emulsion, the plasticizer of dibutyl phthalate, the antifreeze agent of glycol, the mildew-proof agent of Kathon and the wetting agent, and stirring and uniformly mixing; adding the pH regulator, such as ammonia water or triethylamine to regulate pH value to be 4.5-5.5, and filtering and discharging. The obtained all-purpose adhesive has indexes which reach or exceed common white latexes, convenient use and wide applicability, and can be widely used for architectural decoration, furniture making, cases, and the like and used at normal temperature but also at the low temperature from 5 DEG C to 5 DEG C below zero.