The invention belongs to a heat shield and insulation material. The heat insulation material is prepared into a composite foam asbestos material by adding 5 to 20 weight percent of Gd2O3 or Er2O3 powder serving as a neutron absorber into a foam asbestos base material. The composite foam asbestos material has extremely high heat shield and insulation properties and neutron absorbability, is a heatinsulation material capable of insulating heat and neutrons and is particularly suitable for heat shield and heat insulation of thermal power equipment and a pipeline of a nuclear reactor system.