The invention discloses waterproof mildewproof starch glue and a preparation method thereof. the waterproof mildewproof starch glue is mainly prepared from starch, urea formaldehyde resin, borax, propylene glycol alginate, aluminum hydroxyl distearate, sodium hypochloride, diisopropyl phthalate, potassium persulfate, 5-chloro-2-methyl-4-isothiazoline-3-ketone, hydroxyethylmethylcellulose, kaolin, acrylic nuclear glycan, lithium-based bentonite, sodium hydroxide, methyl acrylate, sodium methyl cocoyl taurate and hexamethylene diisocyanate. Through mutual cooperation of the urea formaldehyde resin, ethyl hydrogen-containing silicon oil, aluminum hydroxyl distearate and resorcinol, waterproofness of the starch glue is improved; ethyl lauroyl arginate hydrochloride and 5-chloro-2-methyl-4-isothiazoline-3-ketone have mildewproof and antibacterial effect, thereby being conducive to improving mildewproof and antibacterial performance of the starch glue; ingredients like propylene glycol alginate and acrylic nuclear glycan are conducive to improving stability of the starch glue and prolonging service life of the same.