The invention discloses a preparation method of low-dielectric-constant insulating paper. The method comprises the following steps of: stirring and dispersing raw wood pulp by use of a defibering device; pouring the prepared SiO2 hollow microsphere suspension into the defibering device, mixing, and continuing to stirring, wherein the stirring temperature is normal temperature, the stirring time after the mixing is 2-10 minutes, and the stirring rate is 3,000r/min; after the stirring, manufacturing the insulating paper quantized to 120g/m<2> on a paper former; and compacting and forming, wherein the SiO2 hollow microsphere added to the obtained low-dielectric constant insulating paper accounts for 1-7%. In the modified insulating paper disclosed by the invention, silicon dioxide hollow microsphere is added, the insulating performance of a transformer composite insulating system is improved by reducing the relative dielectric constant of the insulating paper, and the safe service life is prolonged. Meanwhile, the steps of the preparation method are simple and easy to realize, and the cost is low.