The invention discloses interior wall thermal insulation putty and a preparation method. The interior wall thermal insulation putty is prepared from, by mass, 20-30% of light calcium carbonate powder,15-20% of floating beads, 10-15% of titanium dioxide, 25-30% of shell powder, 3-5% of nano thermal insulation powder, 0.2-0.3% of lignocelluloses, 0.3-0.5% of alum powder, 1-2% of bentonite, 2-4% ofpolyvinyl alcohol 2488, 1-2% of N-methyl trimethylacetamide, 1-2% of 4-methyl catechol, 0.2-0.3% of carboxymethyl cellulose, 3-5% of redispersible latex powder, 0.2-0.3% of pre-gelatinized starch and1-2% of thixotropic agent aluminum-magnesium silicate. By adoption of the raw materials and the adding sequence, the putty gives full play to advantages of the floating beads, and water resistance, alkali resistance, base material bonding strength and thermal insulation performance of the putty are remarkably improved.