The invention discloses a carbon-based composite building wave absorption and heat preservation material and a preparation method thereof. According to the preparation method, carbon-based wave absorbing agent, common silicate cement, expanded and vitrified small balls, re-dispersible latex powder, hydroxypropyl methyl cellulose, wood fiber, polypropylene fiber, surfactant, foam stabilizer, waterreducing agent, coupling agent, water and the like are adopted; and the material is obtained by adopting the steps of stirring, pouring molding, curing and the like. The material has the advantages of good wave absorption performance and heat insulation performance, low apparent density, low cost, high fire resistance, durability and the like, and is easy to construct. The material can be used for pouring roofs and walls of buildings, so that aims of electromagnetic radiation protection and energy conservation of the buildings are fulfilled.