The invention relates to waterproof slurry with a sterilization function for toilet bath room decoration surfaces. The waterproof slurry is composed of A and B double components, the A component comprises white portland cement, quartz sand, cellulose ether, a water reducing agent, slag, titanium dioxide, ferric chloride, calcium ascorbate, attapulgite, sepiolite, diatomite, tourmaline and zinc oxide, the B component comprises acrylic emulsion, a defoaming agent, color paste, a composite antibacterial agent, natural essential oil and water. The waterproof slurry uses cement-class inorganic components as main materials, also has decorative effects and a waterproof function, and can be used as decoration surface layers in a toilet, a bathroom, a rest room, and other long-term watery and moist environment, is good in decorative effect, and is scrub resistant; by adding of the composite antibacterial agent prepared according to the environment characteristics of the toilet, the bathroom and the rest room, growth of bacteria and mold can be effectively inhibited; through the use of a composite deodorizing technology of a combination of minerals and the natural essential oil, undesirable odor of the toilet, the bathroom and the rest room can be controlled.