The invention relates to a phosphate tailing-based magnesium-calcium particle and a preparation method thereof. According to the technical scheme, the method comprises the following steps: firstly, putting a phosphate tailing powder into a charging basket of granulation equipment, starting the granulation equipment, then adding water which is 12-32wt% of the phosphate tailing powder into the charging basket, and performing granulation; after the phosphate tailing powder in the charging basket is completely converted into particles, stopping the granulation, taking out particles, and performing standing and drying; and then in a heating furnace, preserving heat at 1500-1700 DEG C for 1-5 hours, and performing cooling to obtain the phosphate tailing-based magnesium-calcium particle. The particle size of the phosphate tailing powder is 1-200 [mu]m; and in the phosphate tailing powder, the content of P2O5 is not more than 2wt%, the content of MgO is not less than 15wt%, and the content of CaO is not less than 25wt%. The method is simple in process, low in cost, environmentally friendly and high in phosphorus tailing recycling degree, and the prepared product is good in hydration resistance, low in phosphorus content, high in porosity, moderate in volume density and high in alkaline slag erosion resistance, has heat insulation performance and fire resistance at the same time, facilitates energy conservation and consumption reduction and meets the requirement for light weight of materials.