The invention relates to the technical field of harmlessness treatment of smelting wastes, and especially relates to a ceramsite prepared by using smelting wastes, and a preparation method thereof. The ceramsite comprises 10-90% of smelting waste powder, 5-40% of municipal sludge, 4-20% of fly ash, 0-20% of gangue and 0.1-10% of a curing agent. The preparation method of the ceramsite comprises the following steps: 1, crushing the smelting wastes by using a crusher to prepare the smelting waste powder; 2, weighing the smelting waste powder, the municipal sludge, the fly ash, gangue and the curing agent, mixing, and uniformly stirring to prepare ceramsite powder; 3, conveying the ceramsite powder to a ball forming granulation machine, and carrying out granulation molding to prepare ceramsite balls; 4, drying the ceramsite balls; and 5, calcining he dried ceramsite balls to prepare the finished ceramsite. The ceramsite prepared in the invention has the advantages of light weight, environmental protection and wide uses; and the preparation method recycles the smelting wastes, and has good economic and social benefits.