The invention discloses high-gloss and waterproof photographic paper. The high-gloss and waterproof photographic paper comprises an ink-absorbing layer, a lustering layer, raw paper and a back coating. A preparation method of the high-gloss and waterproof photographic paper comprises a preparation method of ink-absorbing coating liquid, a preparation process of lustering coating liquid, a preparation process of back-coating coating liquid and a preparation process of the high-gloss and waterproof photographic paper. According to the high-gloss photographic paper produced by the method, the glossiness can reach above 80 percent and is far more than that of photographic paper with the glossiness being 40 to 60 percent in the market; meanwhile, the high-gloss photographic paper has scratch resistance and the surface hardness of the photographic paper reaches level 7; the back side is coated with polymer emulsion, so the isolating effect and the anti-curl effect are achieved; and the surface tension of the back side is less than 25 dynes, so water cannot be spread on the surface. The flatness reaches the level of coated paper. The ink-absorbing drying rate is high, the effect that the paper is dry once being discharged out of a machine is achieved, and the drying rate is greatly increased compared with the drying rate, that the coated photographic paper is dry 2 minutes later when being discharged out of the machine, of the coated photographic paper.