The invention relates to a gypsum-cement binding material and a production method thereof. The material contains gypsum binding material, active admixture, alkaline excitant, oagulation accelerator, lime, water-reducing agent, early-strength agent and gypsum hemihydrate. The weight proportions of the components are as follows: 40%-80% of gypsum binding material, 10%-45% of active admixture, 4%-15% of alkaline excitant, 0-6% of coagulation accelerator, 0-1% of early-strength agent, 0-1% of water-reducing agent, 0-5% of lime and 0-10% of gypsum hemihydrate. The production method comprises the following steps: weighing raw materials at the given ratio, mixing all raw materials, and packaging. The inventive gypsum-cement material has high strength, good water resistance and good volume stability; and can be used as masonry cement, cement mortar, gypsum plaster, jointing gypsum and heat-insulating mortar.