The invention relates to high-strength polyethylene fiber covered yarn and a warp knitting fabric. High-strength and high-modulus polyethylene fiber is selected as a base material and externally covered with adhesive and wetting fiber to form high-strength polyethylene fiber covered yarn; the warp knitting fabric special for the warp and weft stereoscopic composite material is woven through a warp knitting interweaving method. The high-strength polyethylene fiber fabric has the advantages of being high in tensile property, light in specific gravity, high in wettability and adhesion and capable of adapting to adhesion of various kinds of epoxy resin and elastomer resin and has broad application and development prospects in advanced nonmetallic composite materials. The high-strength polyethylene fiber covered yarn can replace traditional carbon fiber, aramid fiber and glass fiber to process the nonmetallic composite materials, and the situation of depending on import carbon fiber and aramid fiber application composite materials for a long time in China is broken through.