The invention belongs to the technical field of building materials, and provides a lightweight grouting material for repairing hollowing of a wall insulation system and a preparation method. The lightweight grouting material comprises a ternary cementing material, an auxiliary cementing material, latex powder, cellulose ether, a water reducing agent, an air entraining agent, an antifoaming agent,a water repellent, an expanding agent, lightweight aggregate and quartz sand, wherein the ternary cementing material is formed by mixing Portland cement, sulphoaluminate cement and gypsum, and the auxiliary cementing material is a mixture of titanium slag micro-powder and fly ash. The lightweight grouting material is simple to prepare and convenient to use, and has the advantages of easiness in grouting, good hollowing repairing effect, controllable setting time and operable time, small volume density, no segregation or layering, quicker early strength development, higher strength, high bonding strength with a matrix, no shrinkage cracking problem and the like; the grouting material is suitable for hollowing repair projects of various wall exterior and wall interior thermal insulation systems, and other grouting repair projects with low requirements on compressive strength and high requirements on adhesive properties.