The invention relates to a light-weight corundum-magnesium aluminate spinel castable and a preparation method thereof. The technical scheme of the invention is taking nano-aperture porous corundum-magnesium aluminate spinel ceramic particles with the partical sizes successively being 3-5mm, 1-2.5mm and 0.1-0.5mm as aggregates, taking nano-aperture porous corundum-magnesium aluminate spinel ceramic fine powder with the partical size being smaller than 0.074mm, magnesium aluminate spinel fine powder, corundum fine powder, magnesia fine powder and alpha-Al2O3 micro powder as matrixes and taking aluminate cement as a binding agent; the preparation method comprises the following steps: mixing the matrixes, the binding agent and sodium hexametaphosphate firstly, then adding the aggregates, uniformly mixing, then adding water, uniformly stirring, moulding by casting, carrying out maintenance, demoulding and drying, and keeping the temperature for 2-6h at the condition with the temperature being 1450-1600 DEG C to obtain the light-weight corundum-magnesium aluminate spinel castable. By adopting the light-weight corundum-magnesium aluminate spinel castable and the preparation method, the process is simple, and a prepared product has the average pore size in a nanoscale, is low in heat conductivity coefficient, good in medium erosion and penetrability resistance and high in thermal shock resistance, and is suitable for parts, including bottoms, walls and the like, of steel ladles.