A lightweight heat-preserving fiber and a preparation method thereof are provided, wherein the fiber is prepared by measuring, composite spinneret's extruding, cooling, oiling, drawing, heat setting and winding a polyester melt. The composite spinneret has a hollow spinning hole and a circular spinning hole. The ratio of the micropore length of hollow spinning hole to circular spinning hole equals to the ratio of the equivalent diameter of hollow spinning hole to circular spinning hole multiplies the coefficient K, and the equivalent diameter is the ratio of the cross-sectional area to the circumference of the cross-section, the coefficient K ranges from 0.97 to 1.03. The oil agent contains a crown ether, and the content of the crown ether ranges from 67.30 to 85.58 wt %. The thermal conductivity of a knitted fabric having a basis weight of 100 g/m2 prepared by lightweight heat-preserving fiber is no larger than 0.150 W/m·K.