In order to explore the low-cost preparation method of hydrotalcite-like compounds and the method of intercalation modification to increase its new functions, and the new environmental protection direction of preparation and functional modification of hydrotalcite-like compounds was proposed. By reviewing the conventional preparation methods of hydrotalcite-like compounds and the preparation hydrotalcite-like compounds with mineral materials and solid waste, the advantages and disadvantages of conventional preparation methods of hydrotalcite-like compounds are analyzed, and it summarizes the functional modification methods of hydrotalcite-like compounds to enhance the properties of fire-retardant, adsorption, catalysis, lubrication, photocatalysis, antibacterial, anti-tumor and anti-ultraviolet. At present, the preparation and modification of hydrotalcite-like compounds should be studied in two aspects:one is to directly prepare hydrotalcite-like compounds using mineral materials and solid wastes such as steel slag, slag and fly ash to reduce the preparation cost; the other is to use the layered structure of hydrotalcite and hydrotalcite-like, as well as the characteristics of interlayer anions exchangeable, to strengthen the modification of its various properties.