The invention discloses a rigid polyvinyl chloride material reinforced by hollow glass microballoons and a preparation method thereof. The material comprises the following components in weight portion: 100 portions of polyvinyl chloride resin powder, 1 to 50 portions of the hollow glass microballoons, 0.1 to 10.0 portions of coupling agent, 0.5 to 3.0 portions of heat stabilizer, 0.2 to 5.0 portions of lubricant, 0.1 to 5.0 portions of processing modifier, and 0.1 to 10.0 portions of impact modifier. Through coupling compatibility and a distribution technology, the preparation method comprises the steps of compounding and directly injecting the hollow glass microballoons and the resin, and then processing the mixture to prepare the hollow glass microballoon reinforced rigid polyvinyl chloride material which has the advantages of higher impact resistance strength, hydraulic pressure resistance and explosion strength, higher size stability, and the like. The preparation method has the advantages that the preparation method uses simple and practicable processes to deal with compatibility problem, accords with design requirements of industrialized production processes at the same timeof meeting requirements on product properties, can achieve large-scale continuous production, and has relatively low production cost and stronger industrialized popularization.