The invention discloses a water-proof and anti-corrosion resin compound, which is prepared by copolymerizing phosphate containing an unsaturated bond and butyl acrylate or ethyl hexyl acrylate with dry oil or medium dry oil through an initiator, and mixing with epoxy resin. In the invention, the phosphate and acrylic ester are introduced, so that the coating adhesion is improved, the water resistance of a coating is remarkably improved, and the adaptive surface of a coating film is widened; and the compound can be applied to corrosion prevention of steel structures for plants, water prevention and corrosion prevention of steel structures for power plants and petrochemical systems, and the like, and the toxicity is further lowered.