The invention provides a muck foundation material and a method for constructing a roadbed by using the foundation material. The foundation material comprises 50-70 parts of muck, 6-8 parts of a muck curing agent, 6-12 parts of pulverized coal ash, 6-12 parts of ground slag, 6-12 parts of cement, 0.8-1.5 parts of a secondary curing agent, 3-4 parts of emulsion powder, and 0.3-0.5 part of a stabilizing agent, wherein the muck curing agent comprises cinder, modified diatomite, attapulgite, silica fume, powdered activated carbon, peroxide, potassium permanganate, iron powder, polyrotaxane, sodiumpolyacrylate, an alkaline stimulating agent, a water reducing agent and a thickening agent. The muck foundation material is prepared through the following steps: first, curing the muck with the muck curing agent, then adding other raw materials, and performing secondary curing through the secondary curing agent, so that the muck foundation material is prepared. According to the muck foundation material disclosed by the invention, the curing course of the muck is simple, short in time and high in efficiency, the cured sludge and muck cannot generate secondary pollution, and the requirements ofthe foundation materials can be met.