The invention discloses milk-flavored cigarette paper with moistening and harm reducing functions and a preparation technology of the milk-flavored cigarette paper. Perfume and dried hydroxyl calcium phosphate are added to ethanol firstly, the mixture is stirred and filtered, a solid is taken and dried, perfume-supported hydroxyl calcium phosphate is obtained, papermaking fiber is defibered, calcium carbonate is added, the mixture is uniformly mixed and pulped, wet paper is formed through dehydration, forming, pressing and papermaking, perfume-supported porous hydroxyl calcium phosphate is applied to the wet paper, additives are added to the paper through sizing, drying, rolling and slitting are performed, and the milk-flavored cigarette paper is obtained. The prepared cigarette paper has good moistening characteristic and unique milk flavor, has certain adsorption functions on ammonia gas and carbon monoxide, can reduce the adsorbing capacity of harmful components in cigarettes, produces phosphoric anhydride or phosphoric acid during combustion and has a very good ash covering function.