The invention discloses a corrugated paper adhesive and a preparation method thereof, and belongs to the technical field of adhesives. The corrugated paper adhesive is prepared from, by weight, 130-150 parts of corn starch, 30-40 parts of sweet potato starch, 20-30 parts of mung bean starch, 6-8 parts of a sodium hydroxide solution, 3-4 parts of borax, 20-30 parts of calcium carbonate, 900-1200 parts of water, 5-7 parts of polyacrylamide and 1-2 parts of tributyl phosphate. The preparation method includes the steps that firstly, water is added into a stirring barrel and heated to 50-60 DEG C, then corn starch and the sodium hydroxide solution are added, and constant-temperature stirring is kept; secondly, mung bean starch and sweet potato starch are added, and stirring continues; thirdly, calcium carbonate, tributyl phosphate, borax and polyacrylamide are added, the mixture is heated to 70-80 DEG C, constant-temperature stirring is kept for a period of time, then heating is stopped, and the finished adhesive product is obtained. The corrugated paper adhesive is high in initial adhesiveness, small in usage amount, reliable in adhesion, not likely to fail and good in stability.