The invention discloses a flame-retardant adhesive. The adhesive is prepared from the following components, in parts by weight, 100 parts of a phenolic resin composition, 15-70 parts of liquid-state polyurethane, and 0.05-0.5 part of a catalyst, wherein the phenolic resin composition comprises phenolic resin and a fire retardant, and the fire retardant is preferably an inorganic fire retardant; and a preparation method for the flame-retardant adhesive comprises the following steps: step 1, preparing the phenolic resin composition, step 2, preparing the liquid-state polyurethane, step 3, adding the phenolic resin composition obtained in the step 1 to a reaction kettle, introducing a protective gas, wherein the protective gas is preferably nitrogen gas, then adding the liquid-state polyurethane obtained in the step 2, and performing stirring for 0.5-1h, and step 4, adding the catalyst to the reaction kettle, performing stirring for 5-10h, discharging the prepared adhesive, and then allowing the adhesive to be directly used for bonding or subpackaging the adhesive in containers for storage, wherein the storage is preferably performed at the atmosphere of nitrogen gas. The flame-retardant adhesive is an environmentally friendly material, can be solidified at room temperature, has excellent toughness, bonding performance and flame-retardant performance, and is suitable for the bonding of bamboo materials, wood materials and straws.