In this paper, allyl maleated rosin ester was synthesized by the esterification of maleic rosin and allyl alcohol with catalyst. And then a new waterborne paper-plastic composite adhesive was prepared through the semi-continuous emulsion polymerization method with allyl maleated rosin ester, butyl acrylate, vinyl acetate and acrylic acid as raw materials. The product of esterification was analyzed by IR spectra, and its acid value was determined too. Polymer was analyzed by DSC and IR spectra and its T-style peel strength was determined. The adsorption effect of adhesives to ink was also tested. The results showed that this paper-plastic composite adhesive had good adhesive properties: excellent compatibility with the ink, longer stability period, and low cost.