The invention discloses a raw material formulation of a ladle heat insulation cover, which consists of the following components in percentage by weight: 40 to 60 percent of brown fused alumina hollow sphere, 10 to 20 percent of brown fused alumina, 15 to 30 percent of mullite, 1 to 10 percent of alumina micro powder, 1 to 10 percent of silicon micro powder, 1 to 5 percent of Rho-Al2O3 powder, and0.1 to 0.2 percent of dispersant. The method for preparing the ladle heat insulation cover according to the raw material formulation comprises the following steps: 1) stirring the prepared raw materials evenly; 2) adding water which is 6 to 8 percent of the total weight of the raw materials into the well-stirred raw materials, and mixing and stirring the mixture for 3 to 5 minutes; 3) pouring and forming the mixture, and mold unloading after 8 to 12 hours of maintenance; and 4) drying the product at a temperature of between 100 and 120 DEG C. The ladle heat insulation cover prepared by adopting the raw material formulation of the ladle heat insulation cover has the advantages of small stacking density, low heat conductivity, good thermal shock resistance stability, erosion resistance, good workability, low price, and long service life.