The invention belongs to the technical field of road engineering grouting materials and in particular relates to an emulsified asphalt compound red mud-boron mud filling and grouting material and a preparation method thereof. The grouting material is prepared from the following components in parts by weight: 30 to 60 parts of cationic emulsified asphalt, 20 to 80 parts of red mud, 20 to 60 parts of boron mud, 10 to 30 parts of a curing agent, 1 to 4 parts of an early strength agent, 2 to 6 parts of a water reducing agent and 1 to 4 parts of a de-foaming agent. The preparation method comprisesthe following steps: heating the asphalt; uniformly stirring a cationic surfactant, an acidity regulator and water and heating to obtain a mixed solution; emulsifying the asphalt and the mixed solution; then adding the red mud, the boron mud and the curing agent, stirring, cooling, adding the early strength agent, the water reducing agent and the de-foaming agent; stirring to obtain the emulsifiedasphalt compound red mud-boron mud filling and grouting material. The grouting material provided by the invention has the characteristics of high early strength, short curing time and adjustable, controllable strength and good compatibility with original subgrades and road surfaces.