The invention discloses borosilicate fluorescent glass with high heat conductivity coefficient which is prepared from matrix glass powder and Ce: YAG fluorescent powder. The matrix glass powder is prepared from the following components: 0-15mol% of SiO2, 20-55mol% of B2O3, 10-50mol% of ZnO, 0-15mol% of TiO2, 5-20mol% of Na2O and 0-5mol% of Li2O; and the doping amount of the Ce: YAG fluorescent powder is 1-10wt% of the total weight of the matrix glass powder. The invention also provides a preparation method of the fluorescent glass. A fluorescent glass sheet, serving as a fluorescence conversion material of a white-light LED, has the advantages of high thermal conductivity and good thermal stability. Compared with the traditional encapsulation modes of silica gel and epoxy resin, the borosilicate fluorescent glass with the high heat conductivity coefficient is good in environment stability, does not have the problem of ageing, yellowing, color decaying, light efficiency lowering and the like and is particularly suitable for certain high-power LED illumination devices.