The invention discloses a method for preparing an oil-absorbing wave-absorbing composite material from wood fiber powder, which comprises the following steps: adding deionized water into hydrophobic wood fiber powder, sealing in a reaction kettle, heating, carrying out a hydrothermal treatment reaction, cooling, performing filtration, washing with water, and carrying out freeze drying to obtain oil-absorbing wood fiber powder subjected to hydrothermal treatment; adding pretreated carbon nanotubes and graphene oxide into ethanol, ultrasonically stirring, adding ferrous chloride and ferric chloride, heating and stirring in an oil bath, dropwise adding ammonia water to adjust the pH value, continuously stirring and reacting at a constant temperature, performing suction filtration, washing with water to be neutral, and drying to obtain a magnetic modified carbon nanotube-graphene composite material; and adding an ethylene glycol solution into the oil-absorbing wood fiber powder subjected to hydrothermal treatment, stirring and dispersing, adding ferric chloride, stirring to dissolve the ferric chloride, adding sodium acetate and polyethylene glycol, stirring, reacting in a high-pressure reaction kettle, cooling, performing magnetical separation, respectively washing a product with distilled water and an ethanol solution, and carrying out vacuum drying to obtain the oil-absorbing wave-absorbing composite material.