The invention discloses novel aerated concrete mortar. The novel aerated concrete mortar is prepared from fly ash, desulphurization gypsum, an air entraining agent, a triethanolamine solution, water-based polymer resin, ferroferric oxide, portland cement and quick lime. A preparing method includes the following steps that 1) water is added into the fly ash and the desulphurization gypsum, and a mixture is mixed, stirred, subjected to standing and precipitated; 2) water is clarified to be drained, fly ash and desulphurization gypsum are taken out respectively and dried, impurities precipitatedat the bottommost portion are removed, and then the obtained fly ash and the obtained desulphurization gypsum are smashed into powder respectively to be screened out through a screening net; 3) wateris added into the screened fly ash, the screened desulphurization gypsum, the ferroferric oxide, the portland cement, the quick lime and the triethanolamine solution, the mixture is evenly stirred andmixed to be prepared into mixed mortar; 4) the mixed mortar is polished through a wet-type ball mill, then the air entraining agent and the water-based polymer resin are added, grinding is carried out, then water is added, the mixture is stirred to be even, and the novel aerated concrete mortar can be obtained. The novel aerated concrete mortar is even in fineness, few in internal pouring cavity,not prone to appearing of cracking and model collapsing and high in loading capacity, and properties in all the respects are greatly improved.