The invention discloses degradable foamed plastic and a preparation method thereof. The degradable foamed plastic consists of the following components in parts by mass: 60-80 parts of polylactic acid, 20-30 parts of starch, 1.2-3.6 parts of lysine diisocyanate, 5-15 parts of polycaprolactone, 1-6 parts of trimethylolpropane, 1-3 parts of tetrabutyl titanate, 1-5 parts of polyvinyl ester, 1-3 parts of maleic anhydride, 3-8 parts of glycerol, 2-5 parts of a plasticizer, 1-3 parts of an antioxidant and 2-5 parts of a foam stabilizer. The preparation method of the degradable foamed plastic comprises the following steps: uniformly mixing polycaprolactone, polylactic acid and starch, stirring, then, adding maleic anhydride, lysine diisocyanate, trimethylolpropane, tetrabutyl titanate, the polyvinyl ester and glycerol to mix and stir for 20-40 minutes, adding the rest of the components, putting the mixture into an oven to cure, and taking out the mixture after 20 minutes to obtain a finished product degradable foamed plastic. The preparation process is simple and easy to implement, and the prepared foamed plastic is high in degradation rate and short in degradation period.