The invention relates to the technical field of continuous fiber reinforced ceramic matrix composite materials, and particularly discloses a three-dimensional aluminum oxide fiber woven part reinforced aluminum oxide composite material based on an aqueous slurry impregnation process, and the porosity of the composite material is 20-30%. A reinforced phase of the composite material is a continuous aluminum oxide fiber woven part, the woven part is in a fiber cloth sewing, two-dimensional and half or three-dimensional weaving mode, the mass content of alumina in alumina fibers is not lower than 70%, and the volume fraction of the fibers in the composite material is 40-45%. The aluminum oxide matrix of the composite material is prepared through the processes of multiple times of dipping, drying and sintering of water-based aluminum oxide powder slurry with high solid content and low viscosity, the solid content of the water-based aluminum oxide powder slurry is 30-40 vol%, the viscosity of the slurry is 5-30 mPas, the pH is 3-4.5, and the Zeta potential is 60-70 mV. The invention also provides a preparation method of the composite material. The reinforced fibers are arranged between the layers of the composite material, so that the integrity is good. The preparation method disclosed by the invention is simple in process, low in cost, good in environmental protection property and easy to realize large-scale industrialization.