The invention relates to hollow glass microballoons and a production method thereof. The hollow glass microballoons are characterized by comprising the following raw materials in portion by weight: 75to 80 portions of silicon dioxide, 7 to 15 portions of boron oxide, 1 to 4 portions of aluminium oxide, 0.5 to 1.5 portions of calcium oxide, 0.8 to 1.2 portions of magnesium oxide, 5 to 6 portions of sodium oxide, 0.0 to 0.3 portion of sulfur trioxide and 0 to 0.05 portion of ferric oxide. The production method of the hollow glass microballoons comprises the following steps: compounding, melting, water quenching, drying, crushing, grading, hollow balling, collection and air separation, and is characterized in that the hollow balling comprises the following steps: ejecting a glass raw material, gas and combustion-supporting gas upwards from the bottom of a balling furnace for combustion, and cooling the glass microballoons upwards by a cooling device after melting under the action of a draft fan. The hollow glass microballoons have the advantages of good surface tension, high compression strength and chemical stability. The production method can better ensure material balling, and hassimple process, less equipment and good effect as much as possible.