Relateing to the field of antibacterial materials, the invention specifically provides an efficient and environmentally-friendly antibacterial and mildewproof inorganic composite nano-powder slurry obtained through compounding nano-magnesium oxide and other nano-inorganic materials and its preparation method. The nano-powder slurry takes nano-magnesium oxide as the main body, which is then compounded with one or more inorganic materials of nano-zinc oxide, nano-titanium oxide, nano-copper oxide, nano-cuprous oxide, nano-silver oxide, nano-zinc sulfide, nano-zirconium oxide, nano-yttrium oxide, nano-alumina, and nano-calcium oxide so as to form the nano-powder slurry, which comprises, by weight percent: 0.1-40% of nano-magnesium oxide, 0.01-40% of other inorganic materials, 0.5-12% of a polymeric dispersant, and the balance a solvent. In the method, a nano-inorganic material enters a solution composed of the polymeric dispersant and the solvent by means of high speed dispersion according to a predetermined proportion, and after ball milling, the composite nano-powder slurry can be obtained. The composite nano-powder slurry can be applied in antibacterial coatings, deodorants, textiles, paper products, plastics, rubbers, water treatment agents, ship protective agents, cosmetics and other aspects.