The invention discloses a method for producing monoammonium phosphate and coproducing an N-P binary compound fertilizer by using wet-process phosphoric acid. According to the method, wet-process phosphoric acid prepared from low-grade phosphate ores is used as a raw material. The method comprises the following steps: concentrating and setting the wet-process phosphoric acid to remove impurities; diluting with process water; neutralizing with ammonia twice; filtering twice; concentrating; cooling for crystallization; centrifugally separating; drying to obtain the industrial grade monoammonium phosphate finished product; and mixing acid sludge, the centrifugalized mother liquor, residue and the flushing fluid in a slurry mixing tank, performing spray drying to obtain the N-P binary compound fertilizer. According to the method, wet-process phosphoric acid and gaseous ammonia are directly used as raw materials and the existing related devices in the phosphoric acid industry and resources such as waste heat steam and self power can be utilized, thus the yield of industrial grade monoammonium phosphate can be increased, the output of the byproduct N-P binary compound fertilizer can be reduced, the production cost of industrial grade monoammonium phosphate can be greatly reduced, the industry scale can be enlarged, the adaptability of the equipment can be enhanced, the market demands can be met, the stepped comprehensive utilization of the phosphorus resource can be realized and the economic benefit is higher.