The invention relates to a TiAl intermetallic compound-based solid seif-lubricating composite material which comprises Ti3SiC2, Ti2AlC and C which are used as the ternary composite lubricating phase and TiC which is used as the reinforced phase, and a preparation method thereof. The TiAl intermetallic compound-based solid seif-lubricating composite material is characterized in that the material is prepared from Ti powder, Al powder, Cr powder, Nb powder, B powder and Ti3SiC2 powder, wherein the molar ratio of Ti, Al, Cr, Nb and B is 48:47:2:2:1 and the dosage of the Ti3SiC2 powder is 5-20wt.% of the total weight of the Ti powder, Al powder, Cr powder, Nb powder and B powder. The TiAl / Ti3SiC2-Ti2AlC-C / TiC intermetallic compound-based solid seif-lubricating composite material synthesized by the method is novel in component design (the intermetallic compound matrix, the composite lubricating phase and the reinforced phase), high in density, good in tribological properties, stable in technological parameters, fast and simple in preparation process and easy in operation and the method is suitable to be used to prepare the high performance TiAl intermetallic compound-based solid seif-lubricating composite material.