The invention provides boron-free non-toxic toy ultralight clay and a preparation method thereof, and belongs to the technical field of toys for children. The boron-free non-toxic toy ultralight clay is prepared from the following raw materials by mass: 8-12% of polyvinyl alcohol, 6-10% of chitosan, 1-10% of citral, 0.5-6% of modified calcium carbonate, 5-15% of expandable microspheres, 3-10% of glycerin, and the balance of water. The invention provides a novel boron-free, non-toxic and environment-friendly ultralight clay formula, solves the problem of poor performance of boron-free clay at present, and has the characteristics of safety, no boron, environmental protection, safety, no sticking to hands, fineness, strong shaping capability, good tensile property, low drying speed and good hand feeling.