The invention discloses a polishing slag modified flame-retardant PVC plasticizing paste and a preparation method thereof. According to the polishing slag modified flame-retardant PVC plasticizing paste, synthetic vegetable fatty acid ester with flame retardance and stone, ceramic tiles and artificial stone polishing slag with flame retardance and smoke suppression are added into a formula to generate a synergistic flame-retardant effect through the matching of the two components; the synthetic vegetable fatty acid ester can absorb a large amount of oxygen, and be oxidized and decomposed intoCO2 and H2O after being heated, the CO2 isolates the oxygen, and the H2O takes away heat, so that the flame retardance is achieved; the abrasive dust in the polishing slag contains magnesium oxide, magnesium hydroxide, magnesium chloride hexahydrate and other materials, and is a composite flame retardant with multiple flame retardant mechanisms; and the SiO2 powder in the polishing slag is non-flammable and resistant to high-temperature decomposition, is used as a filling agent to be filled into a paste resin product in quantity, and can form a carbonization layer on the surface of the productduring combustion, so that heat and oxygen are prevented from entering, and the flame retardant mechanism of dehydration, dilution, heat absorption and cooling of the flame retardant can play a greatrole in flame retardance and smoke suppression.