The invention relates to a composite heat insulation light wall board production process and a production device for achieving the process. The process includes the procedures of paste preparation, flat mould grouting, vertical mould curing and demoulding which are conducted sequentially. The production device comprises a material preparation stirring system, a production line conveying device and a middle partition plate bin, a first group of paving devices, a first group of automatic grouting devices, a compression roller device, a mould plate middle automatic plate pressing machine, a second group of automatic grouting devices, a second group of paving devices, a screening device, a third group of paving devices, an automatic plate stacking machine, a molding mechanism, an overturning mechanism and a demoulding device which are sequentially arranged in the conveying direction of the production line conveying device. Flat mould grouting and vertical mould curing are adopted by the process, double-layer or multi-layer structure arrangement can be achieved, and diversified products can be produced conveniently. The production device adopts a flat mould automatic production line. By means of the production device, the molding time of a composite heat insulation light wall board is greatly reduced, the labor intensity is reduced, and the quality of the produced products is stable.