The invention relates to compound wood lacquer and a preparation method and application thereof. The compound wood lacquer comprises a first component and a second component, wherein the first component is a waterborne isocyanate curing agent; the second component is mainly prepared by, by mass, 30-70 parts of organic silicon modified waterborne polyurethane emulsion, 10-50 parts of waterborne acrylic emulsion, 0.5-20 parts of additives and 10-30 parts of solvent; the TG of the waterborne acrylic emulsion is 50-55 DEG C; the organic silicon modified waterborne polyurethane emulsion is mainly prepared by, by mass, 80-120 parts of carbon dioxide copolymer polyol, 2-20 parts of hydroxyl silicone oil, 20-60 parts of aromatic diisocyanate, 0.1-5 parts of small-molecule chain extender, 2-10 parts of hydrophilic chain extender, 1-10 parts of salt-forming agent and 150-250 parts of solvent. The compound wood lacquer is high in stain resistance and chemical resistance and suitable for being used in the production of wood furniture.