The invention provides a waterproof thermal insulation rheological material and a preparation method thereof. The waterproof thermal insulation rheological material is prepared from 240 to 350 parts by mass of latex-containing solution, 50 to 120 parts by mass of organosilicon waterproofing agent, 50 to 100 parts by mass of aerogel powder, 50 to 150 parts by mass of hollow glass-bead, 150 to 200 parts by mass of pigment filler, 150 to 200 parts by mass of solvent and 40 to 100 parts by mass of various aids. The waterproof thermal insulation rheological material is dried to form a waterproof insulation layer; the waterproof insulation layer has the characteristics of good elasticity, high bonding strength, water-repellent and self-cleaning property, obvious waterproof and anti-seepage effect, heat and frost resistance, UV irradiation resistance, antibody aging resistance, good extension performance, thermal insulation, no pollution and the like; in addition, one-time construction can achieve two requirements of water resistance and heat insulation; meanwhile, the waterproof thermal insulation rheological material can improve the waterproof and thermal insulation properties of building roofs, metal plates, tiles, decorative tiles and the like.