The invention discloses a preparation method of a compound type light-weight high-intensity nickel-titanium memorial alloy base high damping material. In the method, a powder sintering method is mainly used as a foundation and a pressureless infiltration technology is used as assistance; a pore-creating technology is firstly adopted; and a unit metal powder cascade sintering method is used for preparing a porous nickel-titanium alloy the holes of which are uniformly distributed; and then the pressureless infiltration technology is adopted for inducing the pure magnesium or magnesium alloy phase with high intrinsic damping, low density and micron scale into the porous nickel-titanium alloy, thereby preparing the high-damping magnesium(or magnesium alloy)/nickel-titanium memorial alloy basecompound material the damping control phase of which is magnesium or the magnesium alloy. The compound nickel-titanium memorial alloy prepared by the invention still has the shape memory effect and the superelasticity action as well as has weight lighter than that of the compact nickel-titanium memorial alloy and intensity and damping capacity more excellent than that of the common porous nickel-titanium memorial alloy. The preparation method has good technical suitability, simple preparation process and low cost, and can be used for manufacturing the light-weight high-intensity compound damping materials, damping structures and apparatuses.