The invention relates to the technical field of magnetic powder materials and microwave absorption materials, in particular to a microwave ferrite composite material and a preparation method thereof.The basic formula is BaCO3.0.45Co2O3.1.1ZnO.8Fe2O3; the raw materials are BaCO3, Co2O3, ZnO, Fe2O3; the raw materials are configured according to the proportion of each component; and the microwave ferrite (BaMe2Fe16O27, wherein the Me is a divalent metal ion) powder is prepared by ball milling, draining, briquetting, sintering, crushing and sieving. The optimal electromagnetic wave absorption effect can be achieved in different target frequency bands by changing the volume of the composite material (the mass ratio of the microwave ferrite powder to the substrate) or the thickness. The material prepared by the invention has the advantages of high density, high permeability and magnetic loss, low dielectric constant, good frequency dispersion effect, high microwave absorption rate, wide absorption frequency band, good environmental endurance and high cost performance. The microwave ferrite composite material is mainly applied to electronic devices, such as radars, mobile communication devices, satellite navigation devices, etc., especially suitable for the electromagnetic compatibility and radiation protection of electronic devices in P and L bands and the microwave stealth transformation of modern weapons.