The invention belongs to the technical field of heat insulation materials, particularly relates to a preparation process of a rubber and plastic heat insulation material, and aims to solve the problems that a heat insulation material in the prior art cannot meet the performance requirements of heat insulation, water resistance, fire prevention and the like at the same time, and is low in strength, not resistant to pressure, small in stamping resistance, easy to age, not durable, poor in comprehensive performance and the like. The preparation process of the rubber and plastic heat insulation material comprises the following steps: adding silicone rubber, cyclohexyl methacrylate and diethylene glycol dibenzoate into recycled waste foamed plastic, mixing, adding a heat insulation filler, epoxidized soybean oil, oleamide, stearic acid, sulfur, an antioxidant, a flame retardant and a foaming agent, and mixing to obtain the rubber and plastic heat insulation material. The obtained rubber and plastic heat insulation material has excellent heat insulation and heat preservation, sound absorption and noise reduction, fire prevention, flame retardance, moisture prevention, water prevention and the like, is high in strength, has good stamping resistance and aging resistance, is excellent in comprehensive performance and long in service life, and can be widely applied to the fields of buildings, metallurgy, chemical engineering, electric power and the like.