The invention discloses a low-cost long-service-life blast furnace tapping hole mud sleeve and a preparation method thereof. The mud sleeve comprises the following components in percentage by weight:25-40% of regenerated Al2O3-SiC-C material with the granularity of 10-5 mm, 32-50% of regenerated high-aluminum material being 5-0 mm in granularity, 3-7% of silicon carbide powder being not more than0.047 mm in granularity, 10-20% of mullite micropowder being not more than 10 mm in granularity, 3-5% of high-alumina cement, and 2-6% of heat-resistant stainless steel fibers; when the mud sleeve isprepared, water is added in the amount of 5-8% of the total amount of the dry powder, then vibration casting molding is conducted in a mold, and normal-temperature curing and demolding are carried out; the molded product is roasted at 500-700 DEG C for 12-24 h, thereby producing a mud sleeve prefabricated part. The device is directly installed and used in application, and baking is not needed. The prepared mud sleeve is low in cost, excellent in comprehensive performance, high in strength, good in toughness, good in thermal shock resistance and good in stability. The application is convenient, safe, efficient and reliable, and the service life is prolonged by more than two times compared with the original service life.