The invention relates to a waste paper deinking agent, which consists of surfactant, polyoxyethylene ether substance, penetrating agent, fatty acid sodium salt, caustic soda, sodium silicate, water and the like. All chemicals forming the waste paper deinking agent are common chemical products, and are easily purchased in a market. The components are innocuous and can be naturally degraded, namelythe waste paper deinking agent meets the requirement of the current environment-friendly policy and has good environment friendliness. Meanwhile, a preparation process for the waste paper deinking agent is simple, easy in operation and good in finished product stability, can be applied to the deinking process of multiple waste papers and has ideal deinking effect; and the waste paper deinking agent is convenient to transport and store and is quickly dissolved in the deinking production process, namely the waste paper deinking agent has good economic benefit. Therefore, the waste paper deinking agent has remarkable environmental benefit and economic benefit.