The invention belongs to the technical field of refractory materials, and provides an alumina hollow ball insulation product. One or more than two of low-cost waste corundum bricks, waste corundum-mullite bricks, waste alumina hollow ball bricks and waste corundum ceramic products are used as raw materials to completely or partially substitute an industrial Al2O3 raw material, the alumina hollow balls are prepared through smelting and blowing of a three-phase arc furnace as aggregate, one or more than two of the low-cost waste corundum bricks, the waste corundum-mullite bricks, the waste alumina hollow ball bricks and the waste corundum ceramic products are crushed to form fine powder, sintered Al2O3 fine powder or electrically-molten Al2O3 fine powder is completely or partially replaced by the fine powder to be as a base raw material, and the alumina hollow ball insulation product can be obtained through shaping, drying and sintering. The alumina hollow ball insulation product has the advantages of low cost, good thermal insulating effect, high strength and stable performance, and can be used in an intermediate/high-temperature environment of rapid temperature change for a long term. The raw materials are abundant in source, easy to recycle and low-cost; and the purpose of resource reutilization can be achieved.