The invention provides an inorganic composite insulation board and a preparation method thereof, belonging to the technical field of novel building insulation materials. The inorganic composite insulation board is characterized by comprising the following components by weight parts: 40-48 parts of expanded perlite, 5-15 parts of phenolic foam particles, 32-36 parts of an inorganic binder, 2-6 parts of an organic reinforcing agent, 2-3 parts of a waterproof agent, 2-3 parts of inorganic enhance fibers, 1-2 parts of a hardening agent, and 1-2 parts of a fire retardant. The above raw materials are fully stirred, compressed, molded, and dried under a constant temperature to prepare the inorganic composite insulation board, and the board has advantages of good thermal insulation performance, light weight, small thermal conductivity coefficient, good stability, high intensity, convenient construction, etc., and can be widely applied in roofs and walls of various industrial and civil buildings, waterproofing and insulation of cold storages, barns and basements, as well as various cold insulation engineering.