The invention relates to a light-weight insulating brick produced by adopting pulverized fuel ash, furnace slag, building waste and stalk and a production method thereof. The materials of pulverized fuel ash, furnace slag, building waste, stalk, lime power, cement, gypsum, Na2SO4 and water are prepared according to the following mass ratio and are then mixed, molded and cured to product the light-weight insulating brick; the light-weight insulating brick comprises the following weight percentage of all ingredients of the raw materials: 36-55 parts of pulverized fuel ash, 6-20 parts of furnace slag, 26-35 parts of building waste, 3-15 parts of stalk, 12-15 parts of carbide slag, 8-14 parts of cement, 2-5 parts of gypsum, 1-3 parts of Na2SO4 and proper amounts of water. The method utilizes the industrial and agricultural wastes such as the pulverized fuel ash, furnace slag, building waste, stalk and so on to produce the light-weight insulating brick, and the brick is light in weight, heat-insulating, has high strength and meets the quality standard; furthermore, the production technique is simple and no wastewater, waste residue or exhaust gases is discharged, so the invention is energy-saving, pollution-free, low-cost and has good production condition.