The invention provides single-component gypsum-based water-resistant putty and a construction method thereof. The single-component gypsum-based water-resistant putty adopts powder packaging and is prepared from the components in percentage by weight: 30-35% of desulfurized gypsum, 3-5% of white cement, 36.05-58.38% of an organic filler, 5-10% of an inorganic filler, 3.62-7.0% of an additive, 0.15-0.40% of a water-retaining thickener, 0.01-0.05% of an expanding agent, 0.1-0.2% of an anti-settling agent, and 0.015-0.04% of a thickening starch agent. The single-component gypsum-based water-resistant putty is mixed through a stirrer and then discharged to be packaged into powder products, and packaging and transporting are convenient; and the single-component gypsum-based water-resistant puttyhas the advantages of being quickly dried within two hours, and being easy to smear in batches, low in cost, single in component, easy to construct, moderate in strength, capable of being applied inbatches in a thick-layer mode, good in water resistance, high in anti-crack capacity and the like.