We study the Ising model on a two-community stochastic block model, where $n$ spins are split into two equal groups with inter-community interaction parameter $α_n\in[0,1]$. We provide a complete characterization of the phase diagram and show that, almost surely with respect to the graph realization, the model undergoes a uniqueness/non-uniqueness phase transition of the Gibbs measure. In particular, in the supercritical regime, the law of the magnetization vector of the two communities converges to a mixture of Dirac measures that, depending on whether $α_n\gg 1/n$ or $α_n\lesssim1/n$, is supported on two or four points, with possibly different weights. In the uniqueness region, we further analyze the fluctuations of the magnetization vector in the subcritical regime and we prove a quenched central limit theorem.