The invention discloses a geopolymer based fibreboard which is mainly composed of liquid water glass, aluminosilicate, wood fibers, reinforcement fibers and the like, and also provides a preparation method of the geopolymer based fibreboard. The preparation method comprises the steps of weighing the various raw materials, adding the aluminosilicate, the wood fibers and the reinforcement fibers to a mixer and stirring evenly to obtain a dry powder, adding the liquid water glass to the dry powder which is mixed thoroughly and evenly, and mixing evenly to obtain a slurry, pouring the thoroughly mixed slurry into a fiberboard mold, slicking, and carrying out extrusion forming with pressure of 2.5MPa, maintaining for 6 hours under natural conditions and then demolding, and maintaining under the natural conditions for 7-10 days to obtain the geopolymer based fibreboard. The geopolymer based fibreboard is high in strength, good in water resistant performance, extremely low in water absorbing expansion rate, simple and convenient in maintenance process conditions, good in sound insulation and heat insulation effects, resistant to high temperatures, low in production cost and harmless to the human body; the geopolymer based fibreboard is capable of overcoming the problems of high energy consumption, high maintenance condition requirements and high production cost of the existing material, and also capable of improving the utilization rate of the industrial waste steel slag.