The invention discloses calcination-free functional desulphurization gypsum putty powder for interior and exterior walls, which comprises the following components in percentage by weight: 65 to 80 percent of desulphurization gypsum, 5 percent of other aggregate, 10 to 25 percent of excitation material, 4 to 7 percent of functional material and 2.8 to 3.3 percent of admixture, wherein the functional material may be one or the mixture of two of SI90-0 type mineral powder releasing elements which a human body needs, far-infrared ray releasing fibrous rock flour and crystal-equivalent rock flour with the fineness of 2,000 meshes; the excitation material comprises steel slag, calcination alums and sodium silicates; and the admixture comprises dispersible polymer powder, methyl hydroxyethyl cellulose and a 3060 type seaweed additive. The invention also discloses a preparation method for the calcination-free functional desulphurization gypsum putty powder for the interior and exterior walls. The calcination-free functional desulphurization gypsum putty powder for the interior and exterior walls has the advantages of releasing far-infrared rays, keeping healthy the human body, invigorating the health of the human body, decomposing a plurality of toxic gases and eliminating unusual smell, along with a good waterproof effect, the effect of adjusting the ionic equilibrium of the human body, a plurality of trace elements beneficial to the human body, and the like.