The invention discloses a heat conductive cement-based composite material on the basis of waste battery raw materials and a preparation method thereof. The composite material is mainly prepared from cement, carbon rods in waste batteries, heat conductive silica gel, water, NaOH, diluted hydrochloric acid and boric acid being raw materials, wherein the carbon rod powder serves as a main raw material to manufacture heat conductive particles, then modification and treatment by adding the heat conductive silica gel are carried out; finally, the raw materials are mixed with cement and magnetized water to manufacture the composite material. In the invention, the carbon rod powder, extracted from the waste batteries, serves as a main raw material to manufacture heat conductive particles, which are then blended with the cement and magnetized water to manufacture the composite material. The product has great heat conductivity, strength and flowability. The method not only achieves high-value utilization of the waste batteries but also effectively reduces the preparation cost of the heat conductive cement-based composite material.