The invention discloses a heat insulation and fertilizer conservation liquid fertilizer. The liquid fertilizer is prepared from the following raw materials, by weight, 38-42 parts of rape straw carbon powder, 6-8 parts of whey powder, 5-7 parts of potassium pyrophosphate, 9-13 parts of triple superphosphate, 55-65 parts of rice bran, 40-46 parts of vinegar residues, 90-110 parts of waste livestock and poultry feathers, 4-5 parts of copper sulphate, 6-7 parts of ferrous sulphate, 5-6 parts of GM microbial preparations and a proper amount of water. Through addition of rice bran, straw carbon powder, vinegar residues and the like, the organic colloid content in the fertilizer is raised, the adsorption surface of soil can be increased greatly after long-term usage, soil particles are cemented, a stable granule structure is formed, the effects of soil on water retention, fertilizer conservation, ventilation and the like are raised, crop root growth is enhanced, the temperature buffer capability of soil is raised through a lot of organic humus, day and night temperature difference is lowered, and the crop growth environment is optimized.