The invention discloses an insulation board which is prepared from the following raw materials in parts by weight: 25 to 33 parts of slag powder, 20 to 28 parts of sawdust, 18 to 26 parts of straw fiber, 10 to 18 parts of adhesive, 15 to 23 parts of polystyrene resin, 22 to 30 parts of foaming agent, 8 to 16 parts of antioxidant, 5 to 13 parts of stabilizer, 1 to 5 parts of fire retardant and 5 to 13 parts of catalyst. Further, the insulation board comprises the following raw materials in parts by weight: 25 parts of slag powder, 20 parts of sawdust, 18 parts of straw fibers, 10 parts of an adhesive, 15 parts of polystyrene resin, 22 parts of a foaming agent, 8 parts of an antioxidant, 5 parts of a stabilizer, 1 part of a fireproof agent and 5 parts of a catalyst. The prepared heat insulation board is good in heat transfer coefficient, fireproof performance, specific gravity, compressive strength and breaking strength and has low heat conductivity so that better heat insulation performance is guaranteed, and the insulation board has excellent toughness and rigidity.