The invention discloses a corrugated steel plate and concrete combined column with the rectangular outline and a construction method thereof. The combined column comprises four pieces of edge-turned angle steel, corrugated steel plates, foam plates and concrete, and the cross section of the combined column is rectangular. The four pieces of edge-turned angle steel and the corrugated steel plates connected between the adjacent pieces of edge-turned angle steel are combined into a steel pipe with the rectangular outline. The foam plates are arranged in grooves of the corrugated steel plates on the inner wall of the steel pipe with the rectangular outline and fill and level up the grooves, and the steel pipe with the rectangular outline is filled with the concrete. Deformation of the corrugated steel plates in the corrugation direction is not limited by the concrete, the corrugated steel plates do not bear the pressure when the combined column is pressed, and thus the situation that the bearing capacity is weakened due to local buckling of the pipe wall of the middle of the combined column does not exist. Compared with a traditional rectangular steel pipe, by adopting the corrugated steel plates as the pipe wall of the middle of the steel pipe, the material performance of steel can be effectively given into play.