The invention specifically provides a low-alkali-content, environment-friendly and crack-resistant water repellent. The water repellent is prepared from the substances in mass ratio: calcined coal gangue, calcium oxide clinker, water glass waste residue, polyvinyl alcohol, desulfurized gypsum and stearic acid which are in the mass ratio of (40 to 50): (25 to 35): (10 to 15): (1.5 to 4.5): (10 to 15): (0.5 to 1.0). A preparation process for the low-alkali-content and crack-resistant water repellent comprises the steps of carrying out baking, carrying out crushing, carrying out grinding, carrying out subpackaging, carrying out sealing, carrying out quality testing and carrying out warehousing. The low-alkali-content and crack-resistant water repellent is synthesized through proportioning the waste coal gangue, the water glass waste residue and calcareous mineral powder and carrying out grinding. According to the low-alkali-content and crack-resistant water repellent and the preparation process therefor, the coal gangue and the water glass waste residue, which are extremely high in harmfulness and are refractory, are comprehensively utilized, so that the waste is changed into the valuable; and the low-alkali-content and crack-resistant water repellent has a variety of characteristics such as environmental protection and mineral resource reutilization, and good economic and social benefits are achieved.