The invention relates to an environmental protection based red mud combination modification synergism fire-retardant polyethylene, and belongs to the technical field of compressive utilization and fire-retardant plastics. The fire-retardant polyethylene is suitable for fire safety protection in important public places in the fields of electric products, building materials and transportation. The fire-retardant polyethylene consists of the following components in percentage by weight: 30 to 35 percent of polyethylene, 34 to 39 percent of red mud, 6 to 13 percent of red phosphorus, 5 to 17 percent of zinc borate, 3 to 8 percent of ethylene-vinyl acetate copolymer, 2 to 7 percent of grafted polyethylene, and 2 to 8 percent of silicone oil. The preparation process comprises the following steps of: grinding and drying the red mud; blending the ground red mud with other raw materials according to the blending ratio; mixing the mixture with polyethylene resin by fully stirring at a high speed; fusing, co-mixing and processing the mixture; and preparing a sample. The processing conditions comprise that: the roll temperature of a double-roller mixing mill is between 140 and 150 DEG C; and the forming temperature of the flat vulcanizing machine sample is between 120 and 130 DEG C, the heating time is between 4 and 8 minutes, and the pressure is between 10 and 20MPa. The fire-retardant system meets the requirements of industrial application on mechanical property, and simultaneously has comprehensive properties such as good fire-retardant effect, low cost, environmental protection and the like; moreover, the application field of the red mud is widened, and the red mud product with high added value is prepared.