The invention belongs to the technical field of well drilling auxiliary agents and discloses a ceramsite fracturing propping agent preparation method. The method includes steps: subjecting albite, bauxite, kaolin, coal ash, dolomite, potassium permanganate, cryolite, low-melting-point alloy powder, graphite, cupric oxalate, ferric oxalate, calcium carbonate and modified bamboo fiber powder to mixed ball milling, and filtering through a 120-mesh screen to obtain mixed powder; stirring and mixing sodium fluoride solution and peach gum liquid according to a mass ratio of 1:20-1:30 to obtain mixedslurry; mixing mixed powder with mixed slurry according to a mass ratio of 3:2-3:1, granulating, drying, carbonizing and sintering to obtain a blank material; stirring and mixing the blank material with modified sodium alginate liquid according to a mass ratio of 1:20-1:30, filtering and drying to obtain a ceramsite fracturing propping agent. Mechanical properties and permeability of the ceramsite fracturing propping agent are both improved effectively.