The invention relates to composite calcium sulfonate type railway wheel rail lubricating grease that comprises 10-30% of high-base-number calcium sulfonate, 65%-85% of base oil, 0.1%-0.6% of mixed alcohol, 0.2%-0.6% of organic acid, 0.2%-0.7% of 12-hydroxystearic acid, 0.1%-0.4% of boric acid, 0.1%-0.3% of calcium hydroxide, 0.3%-0.8% of antioxidant, 0.1%-0.4% of antirust agent and 0.8%-1.2% of solid additive. The percentage is the mass percentage of the total amount of the lubricating grease as a base number. The preparation method comprises the following steps: adding the high-base-number calcium sulfonate and the base oil into a reaction kettle, and fully stirring; adding water, alcohol and acid, heating to 80-89 DEG C, and keeping the constant temperature for 1-3 hours; adding calciumhydroxide, boric acid and 12-hydroxystearic acid, and compounding at 95-100 DEG C for 0.5-1 hour; raising the temperature to 130 to 150 DEG C and dehydrating; and cooling to 80-90 DEG C, adding an additive, shearing, homogenizing and degassing to obtain the product. According to the invention, the lubricating grease has excellent mechanical stability, extreme pressure antiwear property, water resistance, rust prevention and adhesion, is not hardened after long-term storage, can keep excellent pumpability and injection capacity, adapts to temperature change in south and north winter and summerin China, and can be used in all weathers.