The invention discloses a modified hard bubble polyurethane composite plate and a manufacturing method thereof. The manufacturing method comprises the following steps of: preparing a polymer coiled material in advance; and directly compounding the polymer coiled material to two surfaces of a hard bubble polyurethane insulation layer in the process of foaming polyisocyanate and polyether into the hard bubble polyurethane insulation layer. The manufacturing method is characterized in that an aerogel material is added to the hard bubble polyurethane insulation layer, the addition amount of the aerogel material is 0.05-6.5% of the weight of polyurethane foams, and the polymer coiled material is a waterproof and fireproof coiled material. The composite plate manufactured according to the method has the advantages of excellent heat insulation performance, high waterproof and impervious performances, more remarkable fireproof performance, convenience for use and high construction efficiency and can be used for large-area heat-insulation, waterproof and fireproof engineering of outer walls of a building.