The invention discloses an environment-friendly phenolic foam insulation board and a preparation method thereof. The insulation board is prepared from, by mass, 100 parts of phenol, 180-210 parts of formaldehyde, 1-5 parts of boric acid, 10-20 parts of polyethylene glycol, 10-20 parts of NaOH, 1-2 parts of citric acid, 1-5 parts of polyethylene glycol bis(2,3-epoxypropyl)ether, 5-10 parts of surface active agent, 20-30 parts of curing agent, 20-30 parts of catalyst, 10-20 parts of foaming agent and 10-15 parts of nano-carbon black. The preparation method includes the steps of firstly, mixing boric acid and polyethylene glycol to prepare boric acid ester; secondly, mixing formaldehyde and phenol to prepare phenolic resin; thirdly, mixing the products in the first step and the second step, adding citric acid to adjust the PH value, adding polyethylene glycol bis(2,3-epoxypropyl)ether to be sufficiently stirred and then depressurized and dewatered; fourthly, conducting compound foaming and demolding. The insulation board has the advantages that the toughness of the phenolic foam board can be improved, and the thermal insulation and flame retardance performance can not be influenced.