The invention relates to a preparation technology of novel modified triethanolamine. A material is prepared from the following ingredients in percentage by weight content: 64 to 93% of triethanolamine, 5 to 30% of alloyed powder and 2 to 6% of tetrafluoroethylene, wherein the alloyed powder is flaky single powder of copper powder, copper alloy powder or zinc powder or a mixture of the copper powder, the copper alloy powder or the zinc powder; and the tetrafluoroethylene is prepared from single powder of polytetrafluoroethylene, molybdenum disulfide or graphite or a mixture of the polytetrafluoroethylene, the molybdenum disulfide or the graphite. The composite material can be prepared by a plastic processing conventional twin-screw extruder through extrusion and granulation. Compared with the prior art, a three-layer composite material bearing prepared by the invention has the advantages of good heat conductivity, bearing capacity, abrasion resistance and the like.