The embodiment of the invention provides cesium tungstate ethanol slurry and a preparation process thereof. Compared with traditional oily system cesium tungstate slurry, the slurry has the advantagesthat the slurry has fewer harmful components, additives are harmless and volatile, meanwhile, the transparent heat insulation performance under a traditional oily medium is realized, the transparentheat insulation effect of cesium tungstate is fully exerted, and the cesium tungstate slurry has the advantages of high cesium tungstate concentration and strong stability; the cesium tungstate slurrycan be applied to various cesium tungstate environment-friendly coating systems. The visible light transmittance of the cesium tungstate slurry provided by the embodiment of the invention reaches 70%, and the infrared blocking rate is higher than 95%; and the preparation process of the cesium tungstate slurry provided by the embodiment of the invention is simple in steps, free of complex equipment and harsh production conditions and easy to popularize and apply.