The invention discloses a heat conductive insulation material and a preparation method thereof. The heat conductive insulation material comprises the following components in percentage by weight: 15 to 50 percent of plastic substrate, 15 to 45 percent of heat conductive insulation filler A, 5 to 15 percent of heat conductive filler B, 10 to 30 percent of mineral fiber C, 0 to 2 percent of coupling agent and 0 to 2 percent of lubricant. The heat conductive insulation material has the advantages of perfect forming processing performance, high heat conductivity, higher uniformity and a small amount of gas content during processing; heat conductive fillers with different length-diameter ratios are combined, fillers with a large length-diameter ratio are arranged in melt flowing direction, and fillers with a small length-diameter ratio fill gaps left when the fillers with the large length-diameter ratio are arranged, so that the number of interfaces among filler components is greatly reduced, a conduction network is formed more easily, and heat conductivity is remarkably increased; moreover, the mineral fiber is added during the second machining process, so that the loss of material performance can be compensated due to the addition of high-powder fillers, and performance is better.