The invention discloses a preparation method of a novel bearing composite material. The preparation method comprises the following steps: adding nano-rare earth particles into graphene, uniformly mixing, raising the temperature to 80-90 DEG C within 1 minute, maintaining the temperature for 5-10 minutes, and cooling to 40-50 DEG C within 10 seconds, adding unsaturated polyester resin, an initiator, polyurethane, a low shrinkage additive, an internal releasing agent, a cross-linking agent, a thickening agent, a coupling agent, methyl stearate, ammonium chloride and glass fibers, and uniformly mixing to obtain a mixture A; laying one part of the mixture A in a mold-pressing mold, placing carbon fibers and aramid fibers on the mold-pressing mold laid with one part of the mixture A, and layingthe residual mixture A on the mold; raising the temperature of the mold-pressing mold to 60-95 DEG C, maintaining the temperature for at least 6 minutes, and applying a pressure of 900-1500 tonnagesfor at least 8 minutes to obtain the composite material. The preparation method disclosed by the invention is an integrated molding technology, and the material is light in weight and excellent in mechanical property.