The invention discloses a lignin enhanced polyvinyl chloride wood plastic foam composite material, and a preparation method thereof. The lignin enhanced polyvinyl chloride wood plastic foam compositematerial is composed of, by weight, 100 parts of polyvinyl chloride, 10 to 200 parts of wood fiber powder, 2 to 200 parts of an inorganic powder, 1 to 20 parts of a stabilizing agent, 1 to 10 parts ofa lubricant, 5 to 80 parts of lignin, 1 to 8 parts of a compatilizer, 1 to 10 parts of a foaming agent, 8 to 25 parts of a foaming conditioning agent, and 0.5 to 10 parts of a reinforcing agent. Compared with the prior art, the preparation method comprises following advantages: lignin enhancing technology is combined with micropore foaming technology, so that material lightweighting is ensured, and the plasticizing performance, the flame resistance, the ultraviolet resistance, the aging resistance, the biological resistance, the radiation resistance, and rheological performance, the screw extrusion performance, and the heat resistance of the lignin enhanced polyvinyl chloride wood plastic foam composite material are improved obviously, product surface gloss is improved, product water absorption performance is reduced, and the high performance lignin enhanced polyvinyl chloride wood plastic foam composite material with lightweighting characteristics is obtained.