The invention provides an aluminium zinc phosphomolybdate compounded rustproof pigment which takes aluminium zinc phosphate, zinc molybdate, aluminium phosphate and the like as main raw materials to synthesise aluminium zinc phosphomolybdate compounded rustproof pigment. The rustproof pigment is prepared from the following raw materials in parts by weight: 50-75 parts of aluminium zinc phosphomolybdate, 10-20 parts of aluminium phosphate, 3-10 parts of zinc oxide, 1-8 parts of barium sulphate, 0.5-5 parts of zinc molybdate and 0.1-0.5 part of accessory ingredient. The preparation method comprises the following steps: (1) after a certain quantity of water is added into an agitated reactor, successively adding the aluminium zinc phosphate, aluminium phosphate and zinc molybdate into an agitated reactor under the condition of stirring, stirring at the temperature of 50-100 DEG C; (2) fully stirring the materials with barium sulfate and zinc oxide, and carrying out modified treatment; (3)cooling the materials to be below 50 DEG C, and adding the accessory ingredient to carry out surface treatment; and (4) carrying out centrifugal dehydration, drying, smashing, weighting and packaginginto products. The invention has the characteristics of no toxin, environment protection and high efficiency of the rustproof pigment and can completely replace the traditional toxic heavy metal rustproof pigment, such as red lead, zinc chrome and the like in the industrial pigment.