The invention discloses a method for processing wastewater containing alkaline mud with high COD concentration, high toxicity, low biodegradability and high chroma. In the invention, a micro-electrolysis pretreatment, and flocculating and decoloring process are adopted to reduce the COD concentration and chroma and improve the biodegradability, thus providing precondition for the subsequent acidified hydrolysis and aerobic treatment system to further eliminate alkaline mud contamination load; and the yielding water is deposited by a deposition pool and discharged after disinfection. In the invention, the COD concentration (80,000-300,000mg / L) and the chroma (12,500-50,000 times) of inflowing water are improved to maximum degree, stability for the running of system is considered sufficiently, a large amount of diluted water required in the running process is saved, the yielding water can be directly exhausted to urban sewage pipelines, received by waterbody or combined in other treatment systems for treatment, and can comply with the recycling standard. In the whole treatment process, the secondary pollution is not generated, the total emission amount of COD is reduced, the whole system runs conveniently and quickly, and the investment and running expense is far lower than that of the traditional film treatment system.