The invention provides an aluminoferrite lightweight thermal insulation wall material based on industrial solid waste, and a preparation method thereof, wherein the raw materials of the wall materialcomprise solid raw materials and water, the solid raw materials comprise: aluminoferrite cement based on industrial solid waste, a regeneration material, a foaming agent, aggregate, an air entrainingagent and a reinforcing material, and the raw materials of the aluminoferrite cement based on industrial solid waste comprise: red mud, steel residue, slag, desulfurized gypsum, silica fume and aluminum ash. The preparation method comprises: sequentially carrying out raw material grinding, homogenization, firing and clinker grinding on red mud, steel residue, slag, desulfurized gypsum, silica fumeand aluminum ash to obtain the aluminoferrite cement based on industrial solid waste, stirring the aluminoferrite cement based on industrial solid waste, a regeneration material, water, a foaming agent, aggregate, an air entraining agent and a reinforcing material, and foaming to form the product. According to the present invention, the lightweight thermal insulation wall material can be preparedfrom the industrial solid waste, such that the utilization rate of the solid waste is substantially improved, and the lightweight thermal insulation wall material has characteristics of high flow state, light weight, high strength, good thermal insulation effect and the like.