The invention relates to a heat insulating material used for an aqueduct and a preparation method thereof. The heat insulating material used for the aqueduct is characterized in that the material is made by mixing and stirring dry mixture and water, the mass ratio of the water to the dry mixture is between 1.1:1 and 1.2:1; the dry mixture consists of cement, vitrified hollow beads, sepiolite fiber, siliceous dust, cement-based capillary crystalline material, waste rubber powder, re-dispersible emulsion powder and hydroxypropyl methyl cellulose; and the mass percentage of the raw materials of the dry mixture are: 35 to 54.9 percent of the cement, 35 to 54.9 percent of the vitrified hollow beads, 2 to 8 percent of the sepiolite fiber, 3 to 6 percent of the siliceous dust, 1 to 4 percent of the cement-based capillary crystalline material, 3 to 6 percent of the waste rubber powder, 1 to 5 percent of the re-dispersible emulsion powder and 0.1 to 0.5 percent of the hydroxypropyl methyl cellulose. The heat insulating material has the characteristics of low water absorbing rate, high cohesional strength and compressive strength, good anti-cracking ability and good stability.