The invention discloses an unsaturated polyester resin fiber reinforced sheet-shape molding compound, comprising unsaturated polyester resin, a low shrinkage agent, a filler, a curing agent, a thickener, a mold release agent, a reinforcing material, a colorant and an additive. The unsaturated polyester resin is characterized by comprising one or more of o-phenylene resin, m-phenylene resin and vinyl ester resin in mixing; the filler is modified aluminium hydroxide; the reinforcing material is made of one or more selected from the group containing alkali-free chopped glass fiber, alkali-free untwisted continuous glass fiber rove, high silica glass fiber and Kevlar fiber. The molding compound combines light weight, high strength, retardance, corrosion resistance and insulation, has the advantages of high weight percentage of reinforced material, good electrical properties, significantly improved mechanical properties, tensile strength of not less than 100Mpa, bending strength of not less than 300Mpa, impact strength not less than 260 KJ / m<2>, dielectric strength of not less than 12KV / mm, flame retardance of UL94V-0 and product thickness of up to 60mm, and can be used for compression molding of electrical insulation structural parts.