A method for comprehensively utilizing paper-making black liquor, in which phenol, formaldehyde or phenol, formaldehyde, epichlorohydrin, intermediates generated under the catalysis of dilute sulfuric acid (hydrochloric acid), black liquor, sulfate lignin or alkali lignin, and other phenols, aldehydes, and sulfuric acid input when necessary are reacted to generate alcohol soluble resin, and the alcohol soluble resin is broken, elutriated, and then mixed with formaldehyde, ammonia, formaldehyde, ammonia Water soluble resin with good quality and consistency is prepared by fire alkali reaction. The resin can be used in wood-based panels, plastics and other industries. The invention can produce high economic and environmental benefits.