The invention discloses an external wall heat preservation material and a preparation method thereof. The external wall heat preservation material is prepared from, by weight, 30-50 parts of coal ash, 80-110 parts of Portland cement, 20-30 parts of glass fibers, 10-30 parts of polyether polyol, 20-40 parts of tri(bromophenoxy)cyanurate, 20-35 parts of a fire retardant, 15-20 parts of a smoke inhibitor, 1-5 parts of a coupling agent, 2-5 parts of a hydrophobic agent, 5-8 parts of a foam stabilizer and 5-10 parts of elastic emulsion. According to the raw material formula of the external wall heat preservation material, the waterproof heat preservation material with high compressive strength can be obtained and has excellent waterproofness, and thus the heat preservation material with high compressive strength and excellent waterproofness and heat preservation performance is provided. The heat preservation material has the advantages of heat preservation, heat insulation, sound insulation, self-cleaning, light weight, ray resistance, waterproofness, energy conservation, environment protection and high strength and accords with the development direction of compounding, multi-functionalization, energy conservation, greenization, light weight and high strength of civil engineering materials.