The embodiment of the invention discloses a process for recycling and preparing coated white board paper by using waste paper. The process comprises the following steps of: taking waste paper, repulping, screening, deinking, deslagging, washing and concentrating, whitening, storing in a pulp pool and making paper, wherein the step of repulping comprises the steps of dispersing the waste paper into a fiber suspension liquid, heating the fiber suspension liquid to be at 40-55 DEG C, adding a cellulose liquid and rotating for 20-35minutes so as to conduct primary deinking; the step of deinking comprises a step of further deinking by using an ultrasonic generator; the step of whitening comprises steps of oxidation and reduction whitening; the step of making paper comprises the steps of respectively feeding the whitening pulp into a surface layer, a core layer and a base layer of a paper machine conveying system, respectively making the pulp into three layers by using a paper machine according to the ratio of 38-78wt%, 15-35wt% and 12-30wt%, and subsequently conducting composite paper making so as to manufacture a raw paper board. According to the process, no raw wood pulp is used, so that the resource is saved, the environment is protected, the production cost is lowered, and moreover the produced white board paper is good in whiteness, high in strength and applicable to requirements of high-quality package and decoration.