The invention relates to an insulation board and a production technology thereof, in particular to a composite foamed cement insulation board and a production technology thereof. The insulation board consists of the following components in percentage by weight: 55 to 60 percent of No. 525 cement, 30 to 35 percent of fly ash, 0.4 to 0.7 percent of stable master batch, 0.015 to 0.020 percent of lithium carbonate, 0.3 to 0.5 percent of fiber, 3 to 5 percent of foam stabilizer, and 5 to 8 percent of hydrogen peroxide. The production technology comprises the following steps of: (1) stirring the components in a stirring machine in a ratio till the components are stirred uniformly; (2) adding a foaming agent into the uniformly stirred mixture, stirring uniformly, pouring the mixture into a mold, and performing natural foaming; (3) sizing the foamed cement board passing foaming for 6 to 12 hours; (4) shifting the sized foamed cement board out of the mold; (5) after the foamed cement board is shifted out of the mold, performing air drying maintenance on the foamed cement board; and (6) after the foamed cement board is in accordance with the cutting conditions, cutting the foamed cement board into a finished product by using a cutting machine, and packing. The insulation board has the advantages of excellent fireproof and waterproof performance, insulation performance, stability, environment friendliness, energy conservation, heat insulation, sound insulation, light weight and compression resistance.