The invention discloses a slow-release grouting material for steel shell immersed tube grouting and a construction method of the slow-release grouting material, and the slow-release grouting materialfor steel shell immersed tube grouting is composed of quick-hardening Portland cement, microbeads, superfine slag powder, quartz sand, a composite functional component and water. The composite functional components comprise an expanding agent, a slow-release water reducing agent, an early strength agent, a quick-acting defoaming agent, a rheological agent, a plastic expanding agent and a slump retaining agent, all the components (except water) are fully premixed into uniform dry powder in a professional factory, the grouting material dry powder and water are stirred in a container by a handheld stirrer according to a specified proportion, wherein the stirring time is not shorter than 3 min, uniform slurry is obtained by stirring, and after standing for not less than 5 minutes, and theuniform slurry can be pumped and grouted. The slow-release grouting material for steel shell immersed tube grouting has the characteristics of good fluidity, long fluidity retention time (more than or equal to 5 hours), accurate vertical expansion rate control, early strength, high strength and the like, and can be compactly filled in a gap between self-compacting concrete and a steel shell in a steelshell immersed tube.