The invention provides an environment-friendly halogen-free rare-earth composite magnetic material, which comprises a bonding agent and rare-earth magnetic powders; the bonding agent comprises at least one of propylene basic elastomer (PBE), thermoplastic polyolefin elastomer (TPO), thermoplastic elastomer POE (polyolefin elastomer) or acrylic acid rubber; and the rare-earth magnetic powders comprise at least one of isomorphic NdFeB magnetic powders, anisotropic NdFeB magnetic powders, SmFeN magnetic powders or NdFeB magnetic powders. The adopted boding agent system is provided with a halogen-free bonding agent, belonging to environment-friendly materials, environmental problems caused by halogens such as CPE (chlorinated polyethylene) or PVC (polyvinylchloride) do not exist, sulfide precipitating materials produced by NBR (nitrile butadiene rubber) sulfide process do not exist as well, leftover bits and pieces of the bonding agent can be recycled, and thus the production cost is lowered; and the process for producing the composite magnetic material is simpler, and the magnetic property and the mechanical performance of the produced composite magnetic material are better.