The invention relates to a novel environment-friendly building brick and a preparation method, and belongs to the technical field of waste disposal. The building brick comprises silicate cement, gypsum, a GCY activating agent, an MSZ168-C additive, coarse slag, fine slag and magnetized water. The preparation method comprises steps as follows: firstly, slag discharged by a slag waste incineration power plant is subjected to a series of pretreatment of hydrolytic tank washing, crushing screening, magnetic separation, flotation separation and screening of 3-15 cm particles, the slag and the MSZ168-C additive are added into an agitation tank by using a forced mixer according to a set proportion, the GCY activating agent is diluted in the magnetized water magnetized by a magnetizer, the mixture and cement are jointly added for agitation, and maintenance is performed after compression molding, so that a finished product is obtained. According to the novel environment-friendly building brick and the preparation method, the slag is prepared into a mold brick without firing, the preparation time is shortened, the burning energy consumption is reduced, emission of harmful gas in a burning process is avoided, and the environment protection effect is remarkable; and the manufactured brick is high in strength, light in weight and good in thermal insulation property, and the requirement for light mass, energy conservation and thermal insulation of wall materials of a modern building can be met.