Styrofoam has been widely used as an insulator and inpackaging. The disposal of these products creates environmental pollution because of their nondegradable nature. In this paper, a new formulation for recycling waster styrofoam which used for binder is introduced. Some additives, such as rosin resin, phenolic resin, isocyanate and dibutyl phthalate was reacted with styrofoam to produce high performance adhesive. Influences of reaction parameters, such as temperature, time, and additives amount was investigated by orthogonal experiment. Experimental results showed that the amount of rosin and phenolic resin is the biggest influence factor on the reaction. The optimized formulation was rosin (8-10) %, phenolic resin (8-10) %, isocyanate 10%, BPO 2%, DBP 10%. Under the optimum conditions, peel strength of obtained binder reaches 1.056 kN/m, which is higher than that of commerical milky glue.