The invention relates to a CF / PPS composite material with high impact toughness and a preparation method of the CF / PPS composite material. The preparation method comprises the following steps: (1) carrying out high-temperature decomposition on an original sizing agent on the surface of CF; (2) simultaneously carrying out microwave radiation and ultraviolet irradiation on CF in a saturated water vapor environment, and marking a product as ACF; (3) immersing the ACF into polyether sulfone / dimethylformamide, and drying to obtain sized carbon fiber MCF; (4) laminating and hot-pressing the MCF anda PPS material; (5) cooling to a certain temperature at a rate of 50-70 DEG C / min after hot pressing is finished, applying a certain pressure, maintaining the pressure for a period of time, and then relieving the pressure to obtain the CF / PPS composite material with high impact toughness. The tensile strength of the composite material is 650-820 MPa, the tensile modulus of the composite material is 50-63 GPa, the interlaminar shear strength of the composite material is 60-80 MPa, and the residual compression strength of the composite material after impact is 260-300 MPa. The method disclosed by the invention has the characteristics of high efficiency, environmental friendliness and capability of realizing large-scale production, and the prepared composite material can replace metal to be applied to the fields of aerospace, machinery, automobiles, rail transit, petroleum transportation and the like.