Provided is an ablation-resistant lightweight integrated composite material with a thermal insulation function. The composite material is of a sandwich structure, the middle layer adopts a chopped fiber as a reinforcing body, phenolic resin as a substrate and hollow microbeads as thermal insulation fillers, upper and lower surface layers are bonded to each other by a fiber cloth pre-impregnation material, and the three layers are cured to improve the bearing capacity and the anti-scouring capacity. The preparation method of the composite material comprises eight steps including ceramic powdertreatment, pretreatment of the chopped fiber and a fiber cloth, mixing, drying, slurry preparation, brushing or impregnation, mold filling, curing formation and demolding. The composite material can be applied to the ablation working condition of medium and low heat flux density; the composite material is formed at one time, so that the preparation cycle is short, and the cost is low; a stable ablation-resistant ceramic layer can be formed on the surface in a temperature range from 800 DEG C to 1,300 DEG C, and meanwhile, low-density fillers such as the hollow microspheres achieve a thermal insulation function. In this way, the integrated thermal insulation function under the conditions of medium and low heat flux density and oxidation is achieved.