The invention relates to a heat storage heat insulation knitted fabric, which is knitted on a weft knitting machine. The weft knitting machine comprises a needle disc knitting needle and a needle cylinder knitting needle, wherein the needle disc knitting needle comprises a first high needle and a first low needle; and the needle cylinder knitting needle comprises a second high needle and a second low needle. The fabric is prepared by the following steps of: for a first path, feeding polyester fiber yarns, forming a loop with the first high needle, forming a floating line with the first low needle, forming a floating line with the second low needle, and forming a loop with the second high needle; for a second path, feeding spandex yarns and blended yarns simultaneously, forming a floating line with the first high needle and the first low needle, and forming a loop with the second high needle and the second low needle of the needle cylinder knitting needle; for a third path, feeding ultra-fine denier polyester yarns, forming a loop with the first high needle and the first low needle of the needle disc knitting needle, and forming a floating line with the second high needle and the second low needle of the needle cylinder knitting needle; and for a fourth path, a fifth path and a sixth path, repeating the knitting methods of the first path, the second path and the third path, and repeating by taking three paths as a period. The fabric is soft and breathable, is comfortable to wear, and has a strong heat storage heat insulation function.