The invention provides a gas-liquid two-phase sulfonated alkali method for preparing a coal water slurry additive from slurry-preparing waste alkali liquor and relates to the fields of resource utilization and environmental protection. The coal water slurry additive comprises the following raw materials in parts by weight: 80-90 parts of waste alkali liquor, 40-48 parts of sulfur dioxide, 65-85 parts of phenol wastewater, 5-9 parts of hydrogen peroxide, 25-45 parts of formaldehyde and 10-20 parts of liquid caustic soda. The used sulfonated alkali method comprises the following steps: adding the waste alkali liquor into a reactor, heating to a temperature of 50-60 DEG C, slowly introducing sulfur dioxide while stirring, and introducing for 20-30 minutes until introduction is completed; adding phenol wastewater and hydrogen peroxide into the reactor, raising the temperature to 70-80 DEG C, maintaining the temperature for 1-2 hours, continuously dropping formaldehyde into the reactor for20-30 minutes, maintaining the temperature for 2-3 hours after dropping completion, and regulating the pH value to be 10 with liquid caustic soda, thereby obtaining the product. According to the method for preparing the coal water slurry additive provided by the invention, the waste alkali liquor and phenol wastewater is recycled for preparing the coal water slurry additive, and recycling and environmental protection can be realized.