The invention relates to a method for preparing reactive compatibilization-type nitrile water-swelling rubber. The method comprises the following steps: sequentially adding an active agent A, an active agent B, a vulcanizing agent, an anti-aging agent, a water absorbing additive and a bulking agent after plastifying nitrile rubber on an open mill by adopting a thinning coating roll; adding water-absorbing resin to evenly mix after mixing evenly, and then adding reinforcing filler carbon black and white carbon black; milling, and finally adding a vulcanization accelerator A and a vulcanization accelerator B to evenly mix; packaging into a triangular packet; thinning, batching off and standing for later use; putting the mixed nitrile rubber into a tabletting mold; vulcanizing, opening the mold, taking out the vulcanized water-swelling nitrile rubber, standing and cutting. The method has the advantages and beneficial effects that the preparation method is simple, and low in requirement on equipment, so as to save the cost. The method can be widely applied to tunnels, culverts, swimming pools, basements, underwater engineering, downhole oil recovery, water supply facilities, civil construction and the like.