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The application relates to the technical field of thermal insulation materials, and discloses a flame-retardant modified thermal insulation foam material and a preparation process thereof. The flame-retardant modified thermal insulation foam material is prepared from low-density polyethylene as a main material and 3,5-di-tert-butyl-4-hydroxyphenyl acetic acid grafting material and the like as auxiliary materials. Silicon phosphorus boron in the hydroxyl-terminated polydimethylsiloxane grafting material serves as a flame-retardant element, a dense thermal insulation oxygen isolation silicon phosphorus boron composite carbon layer is constructed at high temperature, and the flame-retardant effect is achieved. After 3,5-di-tert-butyl-4-hydroxyphenyl acetic acid is grafted to carboxyl-terminated polybutadiene, the antioxidant unit is fixed on the flexible long chain of the carboxyl-terminated polybutadiene through chemical bonding, the antioxidant activity of the antioxidant unit is retained, and the agglomeration phenomenon is inhibited, so that the flame-retardant modified thermal insulation foam material prepared by the application has the flame-retardant, antioxidant and thermal insulation performances.