The invention belongs to the field of energetics, and particularly provides a wax composite insensitive agent with an adjustable friction coefficient and a preparation method thereof. The wax composite insensitive agent comprises wax materials and functional agents; the functional agents are selected from at least one of graphene, graphene oxide, nitrified graphene, fluoridized graphene, molybdenum disulfide, tungsten disulfide, graphene and carbon nanotube. The adjustable range of the friction coefficient of the wax composite insensitive agent is 0.03-0.25, the content of the composite insensitive agent only covers 1.5%-3% of the mass of energetic compounds such as RDX, HMX, CL-20, AP and the like, mechanical sensitivity of the energetic compounds can be significantly reduced, the safetyperformance of the energetic compounds can be greatly improved to further improve the content application safety performance of the energetic compounds in the energetic materials such as composite explosive, propellent and the like, and the preparation method is simple in process, economic and effective.