The invention discloses a method for producing a resin-based powder metallurgy potassium titanate fiber friction material used for vehicle. The method comprises the following steps: uniformly mixing a matrix powder material and a forming agent, dumping a mixture into a die, compacting the mixture to several elongated rods, compacting the elongated rods, separating the elongated rods, putting the elongated rods in a sintering furnace, under condition of introducing nitrogen or hydrogen, heating the materials to obtain a Fe-based powder metallurgy friction material; shearing the Fe-based powder metallurgy friction material, crushing the Fe-based powder metallurgy friction material, and sieving; by metering with mass percentage, uniformly mixing 10-20% of cashew oil-modified phenolic resin, 30-50% of the Fe-based powder metallurgy friction material, 10-30% of potassium titanate fiber, 5-15% of an abrasive, 10-20% of a lubrication material, and 5-20% of a filling material; performing hot press molding on the materials, cooling the materials, and discharging. The friction material combines the characteristics of high temperature resistance and low abrasion of the Fe-based powder metallurgy friction material as well as good toughness and low hardness of the potassium titanate resin-based composite friction material, and the obtained material has the characteristics of high temperature resistance, low abrasion, good toughness, and low hardness.