The invention belongs to the field of production crafts, and particularly relates to an artificial jade with a cat eye effect manufactured by using solid waste, namely blast furnace slag produced in an ironmaking process, and a preparation method of the artificial jade. The raw materials of the artificial jade comprise all or a part of blast furnace slag, quartz powder, aluminium oxide, sodium carbonate, sodium silicate, calcium carbonate and potassium carbonate; and the method comprises the following steps: weighing; crushing; mixing; smelting; centrifugal shaping; hot-pressing; cutting; grinding; and polishing. The artificial jade prepared the method has a special 'cat eye' optical effect, is bright, clear and consistent in line, fine and tough in texture, and mild and soft in luster, also has good mechanical property, can be applied to the field of crafts, and has a wide application prospect. With the blast furnace slag as the raw material, the product with high additional value is produced, high-additional value utilization of the product is achieved, and a new path is opened up for comprehensive utilization of the artificial jade.