Bio-based insulation materials with superior comprehensive properties are crucial to building energy conservation. This study aims to develop a multifunctional bio-based insulation material that integrates good insulation, mechanical strength, and waterproofing. In this work, using corncob as the raw material, foamed geopolymer as the binder, silica aerogel and silicone oil as additives, a novel bio-based insulation material was prepared. Moreover, the effect of corncob size, silica aerogel content and silicone oil content on the microstructure, density, thermal conductivity, compressive strength, water absorption, moisture absorption and water contact angle properties were discussed. The results showed that, a desirable bio-based insulation material with a corncob size of 20 mesh, silica aerogel/geopolymer mass ratio (A/G) being 1.71 %, silica aerogel/ silicone oil mass ratio (A/O) being 0.2, is recommended, of which the thermal conductivity is 0.111 W/(m.K) with the compressive strength being 2.2 MPa, the density being 350 kg/m3, the water absorption being 7.1 %, the moisture absorption being 9.4 % and the water contact angle being 133°. With a simple preparation process, low cost and low energy consumption, this bio-based insulation material has good application prospects in buildings. Meanwhile, the preparation method of bio-based insulation materials proposed in this study provides new ideas for the development of multifunctional insulation materials in the future.