The invention relates to a preparation process of a high toughness PE hollow wall twined pipe based on red mud modification. The process utilizes nano-zinc oxide and graphene for modification to improve the mechanical properties, toughness and rigidity of the pipe; nano-zinc oxide and graphene cooperate to form a continuous conductive path between systems, thus greatly improving the pipe conductivity; red mud is utilized for blending modification of a PE composite material, while the rigidity is improved, the PE pipe also has strong toughness, waste is turned into wealth, and the cost is greatly saved. Hydroxyl silicone oil can migrate on the PE surface and form a flame retardant layer to achieve flame retardant effect. Moreover, addition reaction can be carried out on the hydroxyl in themodified hydroxyl silicone oil and the epoxy group in a bisphenol A epoxy resin structure to enhance the crosslinking density and mechanical strength of the pipe. At the same time, hydroxyl silicone oil has low surface energy and endows the PE pipe with excellent waterproof performance. The preparation method is simple and scientific, the cost is low, the preparation process is environment-friendly, and has no pollution to the environment.