The invention discloses a nickel-based composite conductive powder material and a preparation method thereof. The conductive powder material contains (wt percent): Ag 10-50, Cu 0.05-2.0, Al 0.05-2.0, In 0.05-2.0, and residual Ni. The powder has an average particle size (D50) 1-40 Mum and oxygen content less than 0.05 percent, and has a ball, sheet or irregular shape. The preparation method comprises mixing alloy elements such as Ni, Ag, Cu, Al and In according to the designed proportion of ingredients, preparing alloy powder in vacuum thermal dissociation atomizing equipment, alloying ball mill by a vacuum machine to obtain NiAgCuAlIn composite powder. The composite powder can reduce the content of noble metal Ag by 50-90 percent thereby to further reduce the material production cost, andis applied in batch production of mobile phone shells, counter bodies, instrument and meter housings, and conductive adhesive with good effect.