The invention relates to a waste circuit board powder-based toughening type spraying-free color regeneration composite material, which comprises a color surface layer and a filling layer, the color surface layer comprises the following raw materials by weight: 0.5-3 parts of epoxy color paste, 60-80 parts of epoxy resin 100 curing agent, 0.5 parts of curing accelerator, 5-30 parts of flexibilizer and 0.5-2 parts of age resister; and the filling layer comprises the following raw materials by weight: 100-300 parts of epoxy resin 100 waste printed circuit board powder, 60-80 parts of curing agent, 0.5 parts of curing accelerator, 5-30 parts of flexibilizer and 0.5-2 parts of age resister. The material has the following advantages of reasonable formula, low cost, excellent mechanical property (especially impact resistance strength), thereby the problems that a regeneration material in the prior art is difficult to be colored, most material only can be prepared to black or grey products with uncomfortable feeling and limited application scope can be solved. The invention also discloses a preparation method of the above material, and the method has the advantages of simple technology and convenient operation.