The invention relates to the field of wall decoration materials, in particular to novel high-strength gypsum thermal insulation putty and a preparation method thereof. The novel high-strength gypsum thermal insulation putty is prepared from the following raw materials in parts by weight: 50 to 70 parts of alpha-high-strength gypsum, 7 to 10 parts of vitrified micro beads, 0.1 to 0.3 part of cellulose ether, 1 to 2 parts of redispersible latex powder, 0.1 to 0.5 part of a retarder, 0.1 to 0.5 part of a thixotropic agent and 0.01 to 0.05 part of an air entraining agent, wherein the particle size of the vitrified micro beads is 180-200 meshes; and the cellulose ether comprises 2wt% of modified cellulose ether with the viscosity being 18000-22000mPa.s at the temperature of 20 DEG C. The novel high-strength gypsum thermal insulation putty can be used as gypsum thermal insulation mortar and can also be used as gypsum putty for leveling, additional gypsum putty leveling is not needed after construction, and the one-time construction thickness can reach 30 mm, so that construction procedures are reduced, construction is smooth, the constructed wall surface is uniform, scraping is fine and smooth, no color difference exists, and the novel high-strength gypsum thermal insulation putty has an excellent decoration effect; and the later-period heat preservation performance is not reduced, and the hollowing and cracking phenomena are avoided.