The invention discloses novel thermal conductive insulating plastic. The novel thermal conductive insulating plastic is prepared from the following raw materials: styrene monomer, dibenzoyl peroxide,deionized water, polyvinyl alcohol, sodium polystyrene sulfonate, aniline, 3,4-ethylene dioxythiophene, a catalyst, actinolite powder, a regulator, a stabilizer, polyphosphazene, a fullerene loading agent, polyphenylene ether resin, acicular alpha-alumina, nano silica, an antioxidant, a lubricant and a flame retardant. The heat conductive plastic is light in weight, good in insulating performance,low in production cost and good in heat dissipation performance, a one-step method is used for preparing heat conductive polystyrene particles, and further blending modification is carried out to improve thermal conductivity, the novel thermal conductive insulating plastic has the characteristics of high mechanical properties, corrosion resistance, high heat transfer coefficient and impact resistance and can be subjected to secondary blending modification processing, and the defects of high filling rate, poor mechanical properties and high cost of existing thermal conductive plastic are overcome.