The invention discloses a set retarding superplasticizer making use of flue gas desulfurization ash. The set retarding superplasticizer is prepared from, by weight, 240-250 parts of TPEG, 25.2-26.0 parts of acrylic acid, 1.6-1.65 parts of ammonium persulfate, 0.53-0.55 part of mercaptoacetic acid, 13-14 parts of lignin, appropriate amount of sodium hydroxide solution with concentration being 10wt%, appropriate amount of deionized water, 26-28 parts of graphene oxide, 1.5-2 parts of texanol, 3-4 parts of dispersible adhesive powder, 0.9-1.2 parts of sodium hydroxide, 1.3-1.5 parts of sodium sulfate, 2-3 parts of triethanolamine, 7-8 parts of converter steel slag, 9-11 parts of flue gas desulfurization ash and 4-5 parts of sodium alginate. The set retarding superplasticizer has an excellent set retarding function and is capable of enhancing early strength of concrete, solid wastes are reduced, cement content is decreased, and land occupation of the solid wastes and pollutant generation in cement production are reduced simultaneously.