The invention discloses a compound insulating tube busbar and a preparation method thereof in the technical field of high voltage insulated conduction. The compound insulating tube busbar comprises a conductor tube, a compound insulating layer, a semiconductor electric strip layer, a shielding layer and a sleeve, wherein, the conductor tube is positioned on the innermost layer; a plurality of the compound insulating layers and the semiconductor electric strip layers are crosswise arranged at the external part of the semiconductor tube; a copper foil layer is arranged at the external part of the semiconductor electric strip layer and the sleeve is arranged at the external part of the copper foil layer. The preparation method of the invention adopts different properties of a solid buddle-free insulating film strip and insulating liquid to enwind and solidify the shaped insulating tube busbar on the surface of the tubular conductor, which causes the production procedure to be simple and the maintenance to be simple and convenient; compared with the prior art, the compound insulating tube busbar has better insulating property and longer service life, and can be applied to bitter environments.