The invention belongs to the technical field of building materials, and particularly relates to a ceramic tile polishing mud and kieselguhr-based microporous thermal insulation material as well as a preparation method thereof. The ceramic tile polishing mud and kieselguhr-based microporous thermal insulation material is prepared from a siliceous component, a calcareous component, a coagulated component, a gas-forming component, a gas-guiding component, a hydrophobic component and water; the siliceous component is prepared from modified ceramic tile polishing mud, kieselguhr and modified fluorogypsum; and the calcareous component is prepared from quicklime and modified carbide slag. According to the thermal insulation material provided by the invention, the waste utilization rate is high, the ceramic tile polishing mud, the fluorgypsum and the carbide slag can be resourcefully utilized, in the product structure, the porosity is high, the aperture is small and uniform, macro holes and micro holes coexist, the heat conductivity coefficient is low, the mechanical property is high, the water absorption rate is low, and therefore, the thermal insulation material can be widely applied tocivil buildings and industrial buildings in thermal insulation.