The cross-linked oxidized acetylated compound modified starch was prepared by using waxy corn starch as raw material, sodium trimetaphosphate as cross-linking agent, sodium hypochlorite as oxidant and acetic anhydride as acetylation reagent. The morphology and structure of the starch granules were analyzed by scanning electron microscope (SEM) and Fourier transform infrared spectrometer (FT-IR). The whiteness, transparency, gelatinization characteris-tics, acid and shear resistance of the compound modified starch were measured. The results showed that the whiteness of the modified starch was increased to 97.2, the light transmittance of the paste was up to 71.0% as well as the acid and shear resistance were also improved. The picture of SEM showed the changes about the starch particle morphology. The infrared spectrum manifested the characteristic absorption peak of each group, confirming the change of its molecular structure. The preparation of compound modified starch is beneficial to improve the application value of waxy corn starch in the food industry.