The properties of a modified cement slurry based on degraded waste PET-modified styrene-acrylic emulsions are studied. The effects of the modified styrene-acrylic emulsion on water consumption, setting time, retarding effect, water retention, impermeability, and mechanical properties of the cement slurry are comprehensively studied. The results show that the modified styrene-acrylic emulsion has the following impacts on the cement slurry: it significantly reduces the water consumption required to reach a standard consistency, slows down the initial and final setting times, and greatly improves the water retention rate and water reduction rate. When the content of modified styrene-acrylic emulsion is 7.5%, the water reduction rate is 36% and the water retention rate is 97%. The solidified cement slurry with a modified styrene-acrylic emulsion content less than 7.5% has lower permeability and higher flexural strength than a common cement slurry. The compressive strength is reduced but can still reach required values. According to SEM observations, the modified styrene-acrylic emulsion can enhance the bonding strength between the cement particles, reduce the porosity of the structure, and improve the performance of cement-based composites.