The invention discloses an imitation stone thermal insulating decoration board and a making process thereof, relating to a technology for producing a thermal insulating decoration board for a wall. The thermal insulating decoration board is completely made from magnesium oxide, magnesium chloride, real stone particles and other organic materials which are combined into a main frame, and a phenolic foam board is attached in the main frame as a thermal insulating layer; and the parts are assembled in a separated-module manner, fastened through mortise and riveted through a metal anchor. The components of the raw material comprise magnesium oxide, magnesium chloride solution, sodium hexametaphosphate, melamine formaldehyde resin, waterproof agent, purifying agent, silicon powder, real stone particles and glass fiber. The steps of confecting magnesium chloride solution, confecting organic material paste, molding, curing / de-molding and painting are performed to obtain an imitation stone thermal insulating decoration board. The product of the invention is incombustible and superior in heat resistance, enhances the strength, hardness and aging-resistant performance of the product; moreover, the construction period is short, the labor intensity is small and the comprehensive maintenance cost is low. The product avoids the problems that engineering construction is often subjected to bulge, cracking, drop and water seepage, the thermal insulating layer shrinks and deforms, the outer layer cracks at high temperature and the like.