The invention discloses an insulation board made of composite materials and a preparation method thereof. The insulation board is made of the following raw materials in parts by weight: 8 to 10 parts of polyphenyl granule, 150 to 200 parts of cement, 20 to 30 parts of fly ash, 5 to 10 parts of sepiolite, 10 to 20 parts of fibrous brucite, 15 to 20 parts of adhesion agent, 0.6 to 1 part of anti-crack fiber, 1 to 2 parts of curing agent, 0.4 to 0.6 part of anti-sliding agent, 0.5 to 0.7 part of hydrophobic agent, 0.4 to 0.6 part of AES, and 100 to 120 parts of water; the preparation method comprises the following steps: proportionally putting the cement, fly ash, sepiolite, fibrous brucite, anti-crack fiber, anti-sliding agent and hydrophobic agent into a stirring machine, and stirring; adding adhesion agent, curing agent and AES into the stirring machine, and stirring; adding polyphenyl granule into the stirring machine so as to obtain thermal mortar; after hardening the thermal mortar, manufacturing the finish product of the insulation board made of the composite materials. The insulation board made of the composite materials, provided by the invention, has excellent heat preservation and heat insulation performance, excellent fireproof performance, high compressive strength and high tensile strength, and is light in weight.