The invention discloses emulsion which is prepared for a water-based two-component wood splice adhesive by taking carboxylated styrene-butadiene emulsion as a seed. The emulsion is prepared from the styrene-butadiene emulsion, a defoaming agent, a buffering agent, polyvinyl alcohol, a reactive emulsifier, an initiator, methacrylic acid, vinyl acetate, vinyl versatate, a functional monomer, a self-cross linking monomer, a preservative and the like. According to the emulsion for the wood splice adhesive, carboxylated styrene-butadiene is taken as the seed emulsion, flexible chains are introduced into emulsion particles, and therefore the anti-cracking property of the emulsion for the wood splice adhesive is improved; water is taken as a dispersion medium, use is convenient, no pollution is generated to the environment, after compounding is conducted, a polyisocyanate curing agent is added to prepare the two-component wood splice adhesive, and the functional monomer-primary hydroxyl group and the polyisocyanate curing agent in the emulsion achieve bridging, so that the strength and the water resistance are improved.