The present invention discloses a high solid content polyvinyl acetate emulsion, which is prepared from vinyl acetate, a protection colloid, an emulsifier, an oxidizing agent, a reducing agent, a pH value adjuster, deionized water and a plasticizer. According to the present invention, the high solid content polyvinyl acetate emulsion has the solid content of 66-70%, has the viscosity of less than 3000 mPa.s, has advantages of rapid drying and curing rate and good water resistance, and is widely used in the manufacturing fields of paper processing, coating material decoration, wood processing, nonwoven fabrics, carpets, and the like; and by adding the plasticizer, the viscosity response is slow, such that the product is especially used for high-speed cigarette glues and high-speed laminating. The invention further discloses a preparation method of the emulsion, wherein the method has characteristics of simple operation and easily available raw materials, and is suitable for industrial production.