The invention provides an anti-cracking polyphenyl thioether composite material comprising the following components in percentage by weight: 50-70 percent of polyphenylene sulfide, 25-45 percent of fibre glass, 3-7 percent of toughener, 0.3-1.5 percent of coupling agent, 0.2-1.0 percent of lubricant and 0.2-1 percent of antioxidant. The invention also provides a preparation method of the composite material. The invention has the advantages that by a specific toughening system and a composite technology, the invention better maintains the mechanical property of the polyphenyl thioether composite material and greatly increases the anti-cracking toughness of the composite material at the same time, and otherwise, the anti-cracking polyphenyl thioether composite material has good melt liquidity and is easy to inject and mold.