The invention discloses an aerated concrete block which is prepared from a cementing material, an additive and water by adopting an autoclaving-free process. The cementing material mainly comprises the following raw materials: steel slag, mineral slag and cement. The invention also discloses a preparation process of the aerated concrete block. The preparation process comprises the following steps:a, selecting steel slag, quick lime, gypsum, fly ash, cement, slag, aluminum powder paste, sodium sulfate, a foam stabilizer, water glass and sodium hydroxide as raw materials; b, carrying out dry mixing on the cementing material to prepare a mixture; c, adding water into the aluminum powder paste, the foam stabilizer and a curing agent to prepare a suspension; d, dissolving water glass and sodium hydroxide into water, and carrying out uniform mixing under stirring; e, pouring a solution obtained in the step d into the mixture obtained in the step b to obtain slurry; f, adding the obtained suspension into the slurry, and carrying out stirring to form paste; g, pouring the paste into a mold, carrying out casting molding, performing demolding after pre-curing, and carrying out hot and wet maintenance on a demolded green body to obtain the finished block. The block prepared by the autoclaving-free preparation process has the advantage of high compressive strength.