The invention relates to a rubber thin sheet grinding wheel and a preparation method thereof. The rubber thin sheet grinding wheel comprises the following raw materials in part by weight: 4 to 6 parts of natural rubber emulsion, 0.5 to 1.5 parts of zinc oxide, 4 to 6 parts of sulfur, 0.5 to 2.5 parts of epoxy resin, 0.4 to 0.6 part of anti-ager, 0.3 to 0.7 part of accelerant, 6 to 8 parts of silicon carbide, 2 to 4 parts of diamantane, 2 to 4 parts of chromium corundum, 1 to 3 parts of resin powder, 0.5 to 1.5 parts of resin liquid and 3 to 5 parts of coagulator. The rubber thin sheet grinding wheel of the invention has the advantages of high wear resistance, heat resistance, self-sharpening property, heat conductivity, corrosion resistance, toughness, hardness and working efficiency and long service life; in addition, the rubber thin sheet grinding wheel prepared by the preparation method of the rubber thin sheet grinding wheel of the invention is very thin and has low loss and high accuracy during cutting.