In this study, two kinds of polymer emulsion-modified sleeve grouting materials were prepared with vinyl acetate-ethylene copolymerization emulsion (EVA) and acrylate emulsion (PAE), respectively. The effects of polymer emulsion on the fluidity, compressive strength, water absorption, expansion rate, durability, tensile property and microstructure of the sleeve grouting material were investigated and its cost accounting was executed. The results show that polymer emulsion can significantly improve the fluidity, compressive strength, water absorption, sulfate resistance and freeze thaw resistance of grouting materials, and the comprehensive properties of PAE modified sleeve grouting materials are better than EVA modified ones. PAE modification enhances the overall cohesion and density of grouting material, ensuring that the expansion rate of the grouting material has little negative impact and no bleeding phenomenon. At the same time, it can enhance the tensile performance, tensile strength, and bonding strength of grouting material joint. When the PAE content is between 0.3% and 1.0% (mass fraction), the performance of PAE modified grouting material meets the corresponding national standard requirements, and the preparation cost is relatively low.