The invention discloses a Teflon fireproof gap filling glue, which comprises, by mass, 18-22% of polytetrafluoroethylene fine particles, 14-17% of a phenol formaldehyde resin, 8-11% of a chlorinated polypropylene resin, 6-8% of polymer rubber powder, 3-6% of talc powder, 2-5% of fly ash, 3.5-4.5% of an intumescent flame retardant, 2.4-2.8% of a heat stabilizer, 2.2-2.5% of a catalyst, 1.8-2.1% ofa defoamer, 1.5-1.8% of a plasticizer, 1.2-1.4% of a foam stabilizer, and the balance of aqueous emulsion. The invention further discloses a preparation method of the Teflon fireproof gap filling glue, wherein the preparation method comprises: grinding sieving, heating stirring, sputtering film forming, and heating and cooling. According to the present invention, the Teflon fireproof gap filling glue has advantages of reasonable formula, good bonding strength, good elasticity, aging resistance, oxidation resistance, high-temperature resistance, low-temperature resistance, brittleness resistance, cracking resistance and long service life; and the preparation method is simple, and has characteristics of convenient operation, low requirements on equipment, manpower saving, material resource saving and good promotion effect.