The invention relates to an adsorbent for removing heavy metals and ammonia nitrogen in waste water as well as a preparation method thereof. The invention is characterized in that the adsorbent comprises the following chemical compositions in percentage by weight: 30-80% of catalyst residues, 10-30% of an additive, and 10-40% of clay. The preparation method of the adsorbent comprises the following steps: A: the additive and the clay are added into the catalyst residues with fully and uniformly stirring, spray drying is carried out for moulding, and the median diameter of spray microballoons is 50-60[mu]m; B. the materials in the step A are calcinated for 0.5-5 hours at 500-1000 DEG C; C. water, the additive and the clay are added into the calcinated materials in the step B with fully and uniformly stirring, band extrusion or ball rolling or tabletting and other modes are carried out for moulding, drying is carried out, the drying temperature is 100-150 DEG C, the drying time is 10-24 hours, and the adsorbent is prepared. The method has the advantages of simple preparation technological processes, low cost, high-efficient removal of heavy metals and ammonia nitrogen and other poisonous and harmful pollutants in waste water, simple treatment method, wide application scope, stable effect, and wide application prospects; the method meets the green and environmental protection principles of treatment of wastes with wastes.