The invention discloses a lightweight high-toughness military shelter structural adhesive and a preparation method thereof. The structural adhesive is prepared by compounding a component A and a component B according to a mass ratio of 100 : 20-50, wherein the component A comprises, by mass, 70-100 parts of epoxy resin, 10-20 parts of an itaconic acid-based hyperbranched polyester ether active toughening agent, 5-20 parts of a diluent, and 20-30 parts of an inorganic filler; and the component B is prepared from the following components in parts by mass: 30-80 parts of modified cardanol-based polyamine, 10-30 parts of polyamide and 1-2 parts of a coupling agent. The military shelter structural adhesive formula is suitable for bonding of honeycomb sandwich panels, polyurethane foam sandwichpanels, aluminum skin or carbon fiber plate skin and the like. The adhesive is low in viscosity, simple in curing process, high in peeling and shearing strength, high in high-temperature creep resistance and stable in quality; main raw materials are derived from renewable resources, so that the military shelter structural adhesive is more environmentally friendly, low in cost, easy to obtain and suitable for large-scale popularization and application. The invention has great application prosepct.