The invention discloses waistcoat bag dispensing glue water, which is characterized by being prepared from the following raw materials in parts by weight: 20 to 30 parts of main body polymers, 20 to 50 parts of tackifiers, 10 to 50 parts of plasticizers, 1 to 5 parts of filling agents, 0 to 3 parts of silane coupling agents and 1 to 5 parts of antioxidants, wherein the main body polymers are selected from ethylene-vinyl acetate copolymer and styrene-butadiene segmented copolymers or mixtures of the ethylene-vinyl acetate copolymer and the styrene-butadiene segmented copolymers. The preparationmethod of the dispensing glue water is simple; no harmful substances are discharged in the preparation process; no solvent is used; the product belongs to an environment-friendly product. In addition, the waistcoat bag bonding effect of the glue water is good; the curing speed is high; the initial viscidity is high; no foreign smell exists; good anti-aging effect, thermal stability and weather resistance are achieved.