The invention discloses a metal glass composite material with high-oxygen content and a preparation method thereof. The expression of the atomic ratio of the material is Zr[a]Ti[b]M[c]Cu[d]Ni[e]Be[f]O[g], wherein M is one of niobium (Nb), vanadium (V) or hydrogen fluoride (Hf), a is larger than or equal to 10 and smaller than or equal to 70, b is larger than or equal to 10 and smaller than or equal to 70, c is larger than or equal to 4 and smaller than or equal to 15, d is larger than or equal to 2 and smaller than or equal to 12, e is larger than or equal to 0 and smaller than or equal to 10, f is larger than or equal to 5 and smaller than or equal to 15, g is larger than 0 and smaller than or equal to 15, and a plus b plus c plus d plus e plus f plus g equals 100. The preparation method includes the steps of smelting master alloy ingots, casting master alloy profile, placing the master alloy profile into a crucible to heat and smelt, carrying out overheating treatment melting impurities, lowering temperatures to solid and liquid two-phase region, carrying out semi-solid treatment so that oxygen elements segregate and are solute in separated beta- zirconium (Zr) or beta- titanium (Ti) in a solid mode, controlling the shape and size of the separated solid and liquid, carrying out semi-solid progressive solidification to form the large-size metal glass composite material of high strength and high toughness. The large size of 30 millimeters metal glass composite material of the high strength and the high toughness with is prepared, and is remarkable in processing solidification property and good in tensile strength and plasticity.