The invention provides PU (polyurethane) composite leather which comprises a leather blank and a surface treatment layer. The components of the surface treatment layer comprise polyurethane, a bridging agent, a tackifier and a smoothing agent; the leather blank comprises a base cloth layer, a bonding layer and a surface layer; and the material components of the blank comprise polyurethane, a dissolving medium, a hardening agent, a catalyst, a solvent, a flame retardant, a pigment and the like. The invention also provides a preparation method of the composite leather. The preparation method comprises the following steps of preparing the surface layer, preparing the bonding layer, bonding the surface layer, the bonding layer and the base cloth layer together, stripping, curing and treating the surface layer. According to the PU composite leather obtained through the preparation method, the dispersity and the leveling property of the raw materials are fully exerted, the mesh surface of the product is free of black spots and uneven coating, a hand feeling agent is evenly dispersed and free of bubbles, the abradability is excellent, and then the flatness and the high yield of the product are achieved.