The invention discloses a high-temperature metallurgical furnace and a method for making compound insulation structure used for the high-temperature metallurgical furnace. The method comprises the following steps: 1. making an insulation cylinder and 2. making an insulation cover and an insulation baseboard, which are arranged at the upper opening and the lower opening of the insulation cylinder,according to the making technology of the insulation cylinder. In the step 1, the insulation cylinder is a single insulation cylinder segment or is formed by splicing a plurality of insulation cylinder segments with the same structure. The making process of the insulation cylinder segment is as follows: making an inner core mould, using the inner core mould to process and make hardened carbon felt liners, evenly winding and pasting a layer of flat board soft carbon felt II, a layer of ceramic fibre felt and a layer of ceramic fibre cloth for fastening on the external moulded surface of the hardened carbon felt liner in sequence, thus obtaining a compound insulation cylinder segment, and carrying out curing molding on the compound insulation cylinder segment. The method of the invention issimple in steps, convenient in operation and high in production efficiency, and the made compound insulation structure is reasonable and good in insulation effect, thus effectively solving the practical problem that the existing high-temperature metallurgical furnaces and the insulation structures used for the high-temperature metallurgical furnaces have poor heat insulation effects and high making cost.