A composite impregnating adhesive for making a fireproof heat insulation plate comprises a phenolic resin, a flame inhibitor, a smoke inhibitor, a chelating agent, a charring agent, an inorganic adhesive, a waterproof agent, a catalyst and a stabilizing agent, wherein the phenolic resin is a primary adhesive. The aqueous impregnating adhesive is prepared through adding water and adopting a normal temperature mixing stirring process. Water is added as needed in the use process to dilute and adjust the concentration. The composite impregnating adhesive has the characteristics of no use of organic solvents bringing dangers and pollution, use convenience, simple control of the production process, less discharge of pollutants, and low cost. Compared with coats of other resin based impregnating adhesives, a coat of the composite impregnating adhesive, formed on the surfaces of fibers, has the advantages of protruding high temperature and burning resistances, almost no combustion or smoke at a high temperature, and low heat conductivity; and the fireproof heat insulation plate made through adopting the composite impregnating adhesive has a protruding fireproof heat insulation performance reaching an A1-level fireproof standard. The composite impregnating adhesive can be used for processing basalt fibers, and can also be used for processing various organic and inorganic fibers comprising rock wool, glass fibers, carbon fibers, stainless steel fibers, aramid fibers terylene and the like.