The invention provides a kind of waterproof color caulking adhesive for building and its preparation method, comprising cement, quartz sand, water-based cellulose ether, lignin, pigment, vinyl acetate copolymer latex powder, organic carboxylic acid metal salt powder Mix evenly to prepare the building waterproof color caulking adhesive of the present invention. The adhesive of the present invention forms a highly waterproof surface during use, has the characteristics of waterproof, adhesive, beautiful, durable, and environmentally friendly, and integrates joint filling and bonding. It is a functional building material, and its price is comparable to that of cement. Modified materials are comparable. It is suitable for bonding and caulking of exterior wall tiles, floor tiles, interior wall tiles, stone and square tiles.