The invention discloses ultralight ceramsite prepared by totally taking solid waste as a raw material. The requirements on the mass fraction, moisture content and particle size of the components of the adopted raw material based on 100 mass parts in total are as follows: clay iron tailing accounts for 40-45 parts, the moisture content is less than 5%, and the particle size: the weight of screen residue of a 0.08mm square hole sieve is less than or equal to 5%; coal gangue accounts for 42-49 parts, the moisture content is less than 5%, and the particle size: the weight of screen residue of a 0.08mm square hole sieve is less than or equal to 5%; and the dewatered sludge from a municipal sewage treatment plant accounts for 10-13 parts, the moisture content is less than 5%, and the particle size: the weight of screen residue of a 0.08mm square hole sieve is less than or equal to 5%. In the preparation process, the preheating temperature is 500-600 DEG C, the roasting temperature is 1,250-1,350 DEG C, and the heating rate is 10-15 DEG C per minute; and the bulk density of the prepared ultralight ceramsite is 390kg/m<3>, the cylinder compressive strength is 1.2MPa, the moisture absorption is 3.8%, the requirements of GB/T 17431.1-2010 are met, a new means for large-scale utilization of tailings, coal gangue and dewatered sludge is created, and the ultralight ceramsite brings remarkable economic, environmental and social benefits.