The invention provides a novel fabricated building system and further provides an assembly method of the novel fabricated building system. The novel fabricated building system comprises a prefabricated foundation, a structural supporting frame, at least one prefabricated floor and a plurality of wallboards. The structural supporting frame comprises prefabricated reinforcing columns and prefabricated beams, and the prefabricated reinforcing columns are connected with the prefabricated foundation. The prefabricated beams comprise main beams and inserting pieces, and the main beams are connectedwith the prefabricated reinforcing columns. The inserting pieces are connected with the main beams, the prefabricated floors and the main beams are connected through prefabricated connecting pieces and / or adhesives, and every two adjacent wallboards are mutually spliced or glued. The wallboards and the prefabricated reinforcing columns are connected through anchoring steel structures, inserting parts are arranged on the wallboards, and the inserting parts and the inserting pieces are connected in an inserted mode and fixed through adhesives. The wallboards are light wallboards based on graphene and nonmetal foaming and have the advantages of corrosion resistance, heat preservation, heat insulation, fire resistance, water resistance, impermeability, earthquake resistance, cracking resistance, low weight, high strength and the like. The assembled construction method adopted by the building system can shorten the construction period and is safe and efficient.