The invention relates to a fire-retardant high-flexibility two-shot grouting material and a preparation method thereof, and aims at solving the technical problems that an existing grouting material is poor in stability, poor in flexibility, low in compressive strength and high in cost. Polypropylene glycol (PPG), water glass, an emulsifier, a catalyst, sorbitol and water are adopted to form a component A; polymethylene polyphenyl isocyanate and acetyl citrate are taken as a component B; and the component A and the component B are mixed at the weight ratio of (0.65-1.3) to 1 when used. The grouting material disclosed by the invention is simple to prepare, low in cost, stable in performance, low in viscosity, controllable in curing time, excellent in flame resistance after being cured, high in strength, good in tenacity, good binding power, and free of foaming in a water environment, can still keep relatively high mechanical property, and is suitable for rapid reinforcement and seal leakage treatment of broken seam, terrane, concrete cracks, highway cracks and roadbeds.