The invention discloses a plugging material and plugging slurry for protecting a reservoir stratum with the low fracturing fracture ability. The plugging material is prepared from, by weight, 5-6 parts of walnut shell powder, 2-3 parts of a composite plugging agent, 1.5-2 parts of an agent for plugging while drilling, 4-5 parts of an acid soluble plugging agent, 4-5 parts of a high-dehydration-rate plugging agent and 0.2-0.3 part of calcium oxide. The natural plant inertia material, the fiber plugging agent and the acid soluble plugging agent are mixed according to the certain matching ratio to form the acid soluble plugging material in granule and fiber shapes. The material has the advantages that the bridging effect of a bridging material is good and the plugging success rate is high, and also has the advantages that the density is low, stratum pressure is effectively balanced, the stratum damage is small, the plugging property is strong and acid solubility is achieved. The plugging slurry prepared from the plugging material and water has the advantages of being low in density, high in pressure bearing capability, good in malignant leakage plugging effect, high in acid solubility and the like; the on-site preparation process is simple, construction is safe and reliable, and the purposes of reducing well leakage loss and protecting the reservoir stratum can be achieved.