The invention discloses circulating fluidized bed sulfur fixation ash aerated concrete, which is characterized in that the circulating fluidized bed sulfur fixation ash aerated concrete comprises the following ingredients by weight parts: 65 to 95 parts of fluidized bed sulfur fixation ash, 5 to 20 parts of quicklime, 0 to 15 parts of cement, 0.12 to 0.18 part of aluminum powder and 56 to 65 parts of water. A preparation method of the aerated concrete comprises the following steps of powder grinding of the sulfur fixation ash, material preparation according to the composition and the mixture ratio, mixing and stirring, air bleeding and the like. The invention uses the sulfur fixation ash as major raw materials, no or little cement is added into the materials, and alkali is added into the materials for excitation. Products are in sealed porous structures, and have the characteristics of light weight, high intensity, small heat conductive coefficient, good thermal preservation and heat insulation performance, and the like. When being adopted, the invention is favorable for realizing the reutilization of resources, can reduce the environment pollution caused by sulfur fixation ash piling, and can protect the environment.