The invention discloses a waterborne polyurethane adhesive which comprises the following compositions in mass portion: 100 portions of waterborne polyurethane dispersoid, 0.08 to 0.25 portion of thickener, 0.08 to 0.25 portion of flatting agent, 0.02 to 0.05 portion of antifoaming agent and 0.02 to 0.05 portion of antioxidant. The invention also discloses a method for preparing the adhesive. The preparation method is to drip multi-amine compound into the waterborne polyurethane dispersoid, to react for 15 to 30 minutes at a temperature of between 10 and 25 DEG C, to remove organic solvent in the waterborne polyurethane dispersoid, to add the thickener, the flatting agent, the antifoaming agent and the antioxidant again, to uniformly mix the materials, and then to obtain the waterborne polyurethane adhesive. The preparation method disclosed by the invention has a simple technology, and the waterborne polyurethane adhesive prepared has the characteristics of high solid content, quick drying speed, large bonding strength, large tensile strength, good elasticity, and superior water resistance, solvent resistance and high and low temperature resistance.