The invention discloses an aluminum alloy base solid lubrication composite material and a preparation method thereof. The material consists of 75-95 wt% of heat resisting aluminum alloy and 5-25 wt% of copper-clad graphite; the heat resisting aluminum alloy consists of 8.4-8.9 wt% of Fe, 1.1-1.5 wt% of V, 1.7-1.9 wt% of Si and the balance of Al; and the copper-clad graphite consists of 50 wt% of Cu and 50 wt% of C. The solid lubrication composite material has such characteristics as low density, low friction coefficient and low wear rate; the preparation method is simple and excellent in controllability; the material is suitable for use from room temperature to below 350 DEG C; and the material, as the solid lubrication material, is important in application prospect in the fields of aerospace and vehicle manufacturing.