The invention discloses a compound wood-plastic packaging material and a preparation method of the packaging material. The packaging material is prepared from the following raw materials in parts by weight: 10-15 parts of polyurethane, 5-10 parts of polysulfone, 10-15 parts of wood flour, 5-12 parts of acetate fiber, 3-7 parts of polypropylene fiber, 1-3 parts of poly butylenes succinate, 1-4 parts of dihydromethyl dyhydroxyl ethylene urea, 3-6 parts of vinyl acetate, 1-3 parts of vinyl-tri-(2-methoxy ethyoxyl) silicane, 2-5 parts of 4,4'-di-tert-octyl diphenylamine, 1-4 parts of dimethyl malonate, 3-5 parts of dibutyl phthalate, 1-4 parts of methyl methacrylate, 1-3 parts of sodium phosphite, 2-5 parts of barium sulfate, 1-4 parts of antioxidant, 2-5 parts of stabilizing agent and 3-5 parts of flexibilizer. The prepared compound wood-plastic packaging material has high density and strength and is water-proof and durable.