The invention discloses a method for preparing microcrystalline foam glass by using high titanium blast furnace slag and waste glass powder. The method comprises the following steps: grinding the high titanium blast furnace slag and waste glass powder, uniformly and fully mixing the high titanium blast furnace slag, the waste glass powder, a fluxing agent, a foaming agent and a foam stabilizer, pressing into a block, adding the mixture block into a heating device and preparing the microcrystalline foam glass at a low temperature according to a specific heat treatment process by using a one-step sintering method. According to the characteristic that the high titanium blast furnace slag which is rich in TiO2 can serve as a nucleation agent, the low-melting-point waste glass powder serves as a silicious raw material, a proper amount of corresponding fluxing agent and sintering process are matched, the preparation temperature is greatly reduced, and the preparation can be finished through one-step sintering; and therefore, the energy consumption can be reduced, the process is simplified, the cycle is shortened, the cost is saved, the product which is uniform in cells, moderate in cell diameter, low in volume density, low in water absorption rate, good in thermal insulation effect and high in mechanical strength can be obtained, and the additional value of high titanium blast furnace slag utilization is improved.