The invention discloses a production technology for physical foaming cement insulation boards, and belongs to the field of building insulation materials. The technology comprises the steps that 1, general purpose portland cement, a composite aluminosilicate mineral admixture and a composite additive are metered and prestirred to obtain solid materials, and water is added for wet grinding to obtain non-bleeding unstratified slurry; 2, fiber is added into the slurry, and then high-speed stirring and dispersion are performed; then, foams with the diameter smaller than 0.3 mm are added to form foam bodies; 3, the foams obtained in the second step are molded by means of a mold, maintained and demolded and then cut into boards, high-molecular polymer waterproof lotion uniformly permeates microholes of the boards, and artificial drying or natural air-drying is performed to obtain the physical foaming cement insulation boards. According to the technology, high-pressure permeation equipment is adopted for enabling the high-molecular polymer waterproof lotion to rapidly and uniformly permeate the microholes of the boards, polymer inside the lotion will form films on the walls of the microholes after artificial drying or natural air-drying, passages of pores are blocked, the water absorption rate of the insulation boards can be effectively lowered, the toughness and strength of the boards can be improved, and board cracks are avoided.