The invention discloses a compound binder for a corrugated board. The compound binder comprises the following raw materials: smoke sheet rubber, nanocarbon, styrene, polyisobutene, acrylate, crylic acid, sodium persulfate, sodium allyloxy hydroxypropyl sulphonate, starch, sodium hydroxide, borax, modified wood ash, water, zinc dialkyl dithiophosphate, dicumyl peroxide DCP, silane coupling agent KH550, aluminum hydroxide, sodium carbonate, ammonium persulfate, kieselguhr and lauryl sodium sulfate. The compound binder is stable in quality, strong in binding power, good in tensile force and quick to dry without frothing; various performances of a corrugated case can be comprehensively improved; the damage effect of water molecules to the binder is effectively reduced as the modified wood ash is added, so that the water-resisting property of the binder is greatly improved; and the hydrophilic performance of the binder is reduced, so that the binder is favorable in quick-drying performance, thereby being beneficial to being used on a high-speed corrugated paper board production line.