The invention belongs to the functional material field, and relates to a damping composite material and a preparation method. The material comprises the following composition: 2-4% of titanium dioxide, 0.8-1.1% of a catalyst nickel naphthenate-aluminium triisobutyl-boron trifluoride etherate, 0.8-1.1% of an antioxidant N-phenyl-beta-naphthylamines, 4-6% of zinc oxide, 2-5% of stearic acid, 1-3% of sulphur, 16-20% of ABS material slag complex, 1-3% of a promoter N-cyclohexyl-2- benzimidazole sulfenamide and the balance of butadiene rubber. In the preparation method, mass usage of precious material is not required, the raw material cost is reduced, waste material is employed as the raw material, the preparation technology is simple, and process is simple. The material enables sound absorption and damping vibration attenuation, energy can be effectively absorbed when the vibration is generated, the damping composite material can be used in the transportation, building and military fields, and has the effects of shock resistance, impact mitigation, heat insulation and sound insulation.