The invention relates to an exothermic heat-preservation feeder for casting and a preparation method of the feeder, belongs to the casting field, and solves the problems that an existing feeder has a poor heat insulating effect and insufficient heat, so as to shorten the solidification time of molten metal in the feeder, reduce casting defects such as casting shrinkage cavities and shrinkage porosity and promote the product yield. The feeder is prepared from expanded vermiculite, magnesite powder, quartz sand, aluminite powder, graphite powder, magnesium powder, ferric oxide powder, sodium nitrate, fluorite powder, sodium silicate, red mud and lignin. The preparation method comprises the following steps of weighing; placing the expanded vermiculite, the magnesite powder, 40% of sodium nitrate, 40% of red mud and 40% of lignin into a runner wheel sand mixer and mixing, then adding the quartz sand, the aluminite powder, the graphite powder, the magnesium powder, the ferric oxide powder, sodium nitrate and fluorite powder, mixing, adding the remained red mud, the lignin and the sodium silicate and mixing; and filling into a mold and compacting, dehydrating and demoulding after hardening. The feeder is used for casting.