The invention discloses an environment-friendly paper slurry which is prepared the following raw materials in parts by weight: 200-300 parts of waste paper scraps, 5-8 parts of deinking agent, 10-20 parts of bentonite, 3-8 parts of Saccharomycetes, 5-10 parts of glycerol, 3-6 parts of surfactant, 1-2 parts of reed extract, 50-80 parts of blending agent, 1-3 parts of antioxidant, 2-5 parts of sodium alginate and 1-2 parts of aid. The environment-friendly paper slurry disclosed by the invention is prepared by reutilizing waste paper, implements resource recycling and reutilization, and is green, economical and environment-friendly. The environment-friendly paper slurry has the advantages of favorable ink removal effect, low ink content in the paper slurry finished product, no peculiar smell and low tendency to deterioration, and the service quality of the paper slurry prepared from waste paper is effectively enhanced, thereby widening the application range of the waste paper as the raw material for preparing the paper slurry.