A polyester/glyoxalated polyvinyl alcohol semi-interpenetrating polymer network hot-melt adhesive and preparation method therefore, mainly includes the steps of: 1) transesterification of certain amounts of dimethyl terephthalate and another dibasic ester with 1,4-butanediol and other diols in the presence of an organotin catalyst under a nitrogen atmosphere in a reactor, completed upon the amount of distillation of a monohydric alcohol byproduct reaching greater than 95% of the theoretical amount; 2) after the temperature is maintained for a period of time, adding in a stabilizer and a polycondensation catalyst and incrementally increasing the temperature to trigger a polycondensation reaction under a reduced pressure to produce particles of a copolymer, and freezing and pulverizing the copolymer particles to produce a powder of a copolyester; 3) uniformly blending a polyvinyl alcohol/glyoxal mixture with the powder produced in step 2) at ambient temperature to produce the target product. The product is capable of forming an internal semi-interpenetrating network at application temperatures.