The invention discloses an exhaust pipe insulation cover assembly and a production method of the exhaust pipe insulation cover assembly. The exhaust pipe insulation cover assembly comprises an exhaustpipe and a heat insulation cover. A plurality of second air inlets are formed in the side wall of the exhaust pipe. Air inlet branch pipes are fixed to the second air inlets. A plurality of connecting plates are arranged on the side wall of the exhaust pipe. The heat insulation cover comprises a first heat insulation felt layer, a second heat insulation felt layer, a heat insulation fiber layer located between the first insulation felt layer and the second insulation felt layer, a first hard shell layer located on the top surface of the first heat insulation felt layer, a second hard shell layer located on the bottom face of the second heat insulation felt layer, a first heat reflection layer located on the top face of the first hard shell layer and a second heat reflection layer locatedon the bottom face of the second hard shell layer. The production method of the exhaust pipe insulation cover assembly comprises the steps of a), casting, b), filling, c), hardening, d), aluminizing,e), molding, and f), mounting. The heat insulation cover is attractive in appearance and is good in fit with the exhaust pipe, the interior is fluffy, and the heat insulation performance is high.