The invention discloses a method for preparing high-ferric Alite-calcium barium sulphoaluminate cement by using red mud and barium mud. The mineral phases are as follows in percentage by weight: 5-8% of C(4-x)BxA3S, 15-19% of C2S, 30-45% of C3S, 25-45% of C4AF and 4-8% of C3A; the raw materials are as follows in percentage by weight: 10-20% of clay, 8-30% of red mud, 55-65% of limestones, 3-5% of gypsum, 0.3-0.5% of barium mud, 0-2% of bauxite and 0.4-1% of fluorite. The method comprises the following steps: crushing and homogenizing the raw materials and drying and polishing; preparing a round cake-shaped test sample which is 5cm in radius and 2cm in thickness, and calcining and cooling; and (6) crushing, and doping 8-12% of gypsum or dihydrate gypsum based on the total mass of the material, wherein the grinding fineness is 350m<2>/kg-450m<2>/kg or residue on sieve is 5% by a 200mesh sieve. The high-ferric Alite-calcium barium sulphoaluminate cement disclosed by the invention has the characteristics of low sintering temperature and small volume shrinkage, low cost and durability and the like as high-ferric or high-ferric aluminum industrial wastes and barium-containing industrial waste residues are used as raw materials.