The invention relates to a composite insulation board production line and a machining process of an insulation board. The composite insulation board production line comprises a one-to-three material preparing system, a forming system, a transferring system, a cutting system and a plate loading system, wherein the one-to-three material preparing system comprises a raw material bin, a one-way double-outlet spiral lifting conveyor, a two-way spiral horizontal conveyor, a measuring bin I, a measuring bin II, a lower-layer pulp material preparing device, a thermal insulation material preparing device and an upper-layer pulp material preparing device, and the forming system is installed above the transferring system through a frame type workbench and comprises a lower-layer grid cloth laying device, a lower-layer pulp material feeding device, a thermal insulation mixture feeding device, an upper-layer grid cloth laying device, a rolling device and an upper-layer pulp material feeding device which are sequentially arranged. The composite insulation board production line in the invention essentially consists of five systems, namely the material preparing system, the forming system, the cutting system, the transferring system and the plate loading system, is high in degree of automation, compact and reasonable in layout, and improves the production efficiency.