The invention discloses a water-granulated-slag-based oxalate chemical bonding material and application thereof. The material is composed of, by weight, 300-600 parts of water granulated slag, 100-200 parts of oxalic acid and 6-12 parts of setting control material. The material serving as a pouring material has excellent performances like moderate setting speed, high strength, high binding force and high durability; the material when serving as a matrix material for solidifying heavy metal can effectively solidify/stabilize the heavy metal, thereby preventing the same from damaging environment.