The invention discloses a microporous leaking polycompound and its preparing method, as well as its application in preparing microporous leaking pipes, and its technical project includes: polyvinylchloride (PVC) 40-60%, nitrile rubber 15-30%, heat stabilizer 6-10%, plasticizer 16-24% and foaming agent 1-4% (all in weight percent). It can be prepared by physical or chemical foaming method. The product pipe walls are formed with irregular micropores, suitable for preparing common used microporous leaking pipes in irrigation. At no pressure, the micropores close, and at a certain external pressure, open, and as the pressure in the pipes is reduced or does not exist, automatically close, thus effectively preventing substances outside the pipe walls flowing into the pipes, solving the disadvantage that the micropores in existing techniques are easy to stop. It can be widely applied to water-saving irrigation, fertilizing with pipelines, applying drugs, oxygen leaking with pipelines, and many agricultural, forest, fish culture works.