The invention discloses a porous material-pored corrugated compound light multifunctional sandwich panel and a preparation method. The method comprises the following steps: successively welding a pored metal sheet, a pored corrugated sandwich structure and an unperforated metal sheet; filling an opening porous material into a space formed between the pored corrugated sandwich structure and the unperforated metal sheet; compounding the opening porous material and a pored corrugated sandwich panel. Compared with the single narrow band sound absorption or sound insulation property of the other traditional acoustic structure, the structure disclosed by the invention is capable of simultaneously realizing the sound absorption and sound insulation properties in low frequency and wide frequency. Due to the excellent mechanical properties, such as, specific stiffness, strength and shock resistance, of the sandwich panel, the structure disclosed by the invention is an ultra-light multifunctional structure with excellent acoustical and mechanical properties and has significant application prospect in the engineering field.