The invention discloses a synthesis method of hydroxylated polyvinyl chloride copolymer resin. The synthesis method comprises the following steps of: adding hydroxyethyl methacrylate (HEMA) and an initiator II in a mixture of a composite emulsifying agent, an initiator I, water, a pH regulation agent, seed emulsion and a vinyl chloride monomer in a fluid mode, conducting polymerization reaction, and conducting spray drying on prepared emulsion to obtain the hydroxylated polyvinyl chloride copolymer resin, wherein the composite emulsifying agent is composed of an emulsifying agent I and an emulsifying agent II; the emulsifying agent I is sodium dodecyl benzene sulfonate, sodium dodecyl sulfate, sodium lauryl sulfate, nonyl aryl polyether alcohol, ammonium laurate, polyoxyethylene nonyl phenyl ether or polyoxyethylene octylphenol ether; and the emulsifying agent II is tetradecyl alcohol, setanol, stearyl alcohol, dodecanoic acid, tetradecanoic acid, tetradecanoic acid, octadecanoic acid, hexadecane or octodecane. The synthesis method is simple in equipment, solves the problems of low reaction conversion rate, large HEMA homopolymerization rate, low HEMA content in polymer and the like, and is low in cost, saving in energy consumption and less in pollution discharge.