To prepare and study a new type of environment friendly volatile corrosion inhibition (VCI) packaging material and its characteristics. The light, environment friendly and inexpensive waste paper fiber, corn straw stalk fiber and volatile corrosion inhibitor were chosen as raw materials. After addition of appropriate amount of film-forming agent, adhesive, foaming agent and crosslinker, the corrosion-inhibiting and cushioning packaging material of corn straw stalk fiber was produced using the microwave foaming method. The static cushioning properties of the material was tested and analyzed in order to get the basic cushioning characteristics of the cushioning materials. The corrosion inhibition ability was tested by the confined space quantitative evaluation method. Microwave foaming did not only provide the material with more storage space, but also enhanced the corrosion inhibition properties. After addition of corrosion inhibitor made of PDMBI, carbamide and borax compounded with the ratio of 4 ∶ 1 ∶ 2, the corrosion inhibition rate of the foaming fiber materials reached more than 90%, while the fiber foaming material without VCI accelerated metal corrosion. The foamed material had good cushioning and corrosion inhibition properties. In addition, based on the research progress, this paper put forward that the release of corrosion inhibitor might be controlled by changing the dosage of foaming agent and adhesive.