Abstract: The present invention discloses a method for preparing a low-density proppant by taking oil-based mud wastes as raw materials. The method includes following steps: S1, determining content of oils, silicon oxide, alumina and water in the oil-based mud wastes; S2, adding a viscosity modifier, a framework material and a pore-forming agent into oil-based mud wastes so as to obtain mixed slurry; S3, performing ball milling on mixed slurry to form powder, granulating and drying the powder, and forming a proppant pellet billet; S4, performing dehydrogenation pre-sintering on the pellet billet, and performing carbide reaction pre-sintering; and S5, performing final sintering in a natural gas protective atmosphere, thereby obtaining the low-density proppant that takes silicon carbide as the framework material. In the present invention, the low-density proppant is prepared by taking the oil-based mud wastes produced in a drilling process as the raw materials, thereby recycling the oil-based mud wastes.