The invention discloses a method for preparing the inner and outer wall insulation putty of blast furnace slag, which is prepared by the following raw materials: cement, hollow glass beads, tetraethyl orthosilicate, anhydrous ethanol, 1mol / L hydrochloric acid, template agent F127, emulgator OP 10 portions, sodium bicarbonate, silica sol, ammonium persulfate, light sand, titanium dioxide, blast furnace slag, brucite fiber, gypsum, polyethylene glycol fatty acid ester, tourmaline powder, polystyrene prepolymer, sodium alginate, azodiisobutyronitrile and a proper amount of deionized water. The putty powder of this invention has the advantages of low cost, good adhesive property, good abrasion resistance, good washing resistance, and also has anti-cracking, no corrosion, no cracking, environmentally friendly, tasteless, no harm to the human body and so on.