The invention discloses a refractory material for a metallurgical package and a preparation method of the refractory material. The refractory material for the metallurgical package is prepared from the components in parts by weight: 50-60 parts of a dense sintered corundum particle, 10-15 parts of dense sintered corundum fine powder, 5-30 parts of foamed pearlife fine powder, 3-10 parts of activated alumina micro powder, 5-10 parts of fused magnesite micro powder, 1-5 parts of magnesium oxide micro powder and 0.2-0.5 part of an organic silicon hydrophobic agent. The preparation method includesthe steps that the organic silicon hydrophobic agent is used for hydrophobic modification of the foamed pearlife fine powder, then all raw materials are firstly dry-mixed and then wet-mixed, wet-mixed castable is subjected to vibration compression molding, cured and sintered, the refractory material for the metallurgical package is obtained, wherein an inert gas is purged during sintering, and apparent porosity is increased. The provided refractory material for the metallurgical package is high and even in the porosity and has good thermal shock stability, the blowing through rate is high, and the service life is prolonged significantly.