The invention relates to a portland blast furnace slag cement and a preparation method thereof. The portland blast furnace slag cement is prepared from the following raw materials by weight percent: 12%-30% of at least one of slag, coal gangue, boiling slag, liquid slag, cinerite, kiln dust and crushed tile, 10%-42% of mineral waste residue, steel slag or silicomanganese slag, 0-12% of limestone, 2%-8% of gypsum, 0-10% of zeolite, 0-17% of boiling slag, 0-10% of coal ash, and 10%-50% of silicate series cement. The preparation method comprises steps of putting the slag, mineral waste residue, gypsum, zeolite, boiling slag, and coal ash into a pulverizer to be smashed, grinding by a ball mill to achieve the fineness of 0.08mm, sieving by a square hole sieve with 2% left, and then mixing with the silicate series cement. The portland blast furnace slag cement has the advantages of having a simple preparation method, needing no cement clinker, guaranteeing the strength and stability of the cement, fully using industrial residue resources like slag and mineral waste residue, lowering production cost, and reducing the pollution of industrial residue to the environment.