The invention relates to a film magnetoelectric composite material and a preparation method thereof, and belongs to the technical field of magnetic functional materials and preparation thereof. The magnetoelectric composite material is characterized by being prepared by compounding a magnetostrictive film layer, a conductive film layer and a piezoelectric ceramic substrate. In the preparation method, the magnetostrictive film layer is deposited on the piezoelectric substrate with a prepared electrode by physical vapor deposition (PVD) technology. The magnetoelectric composite material has high interfacial composite strength, a simple structure, a high magnetoelectric conversion coefficient, low high-frequency eddy current loss, stable performance and thin and light size, effectively avoids phase reaction between ferroelectric and ferromagnetic phases, and is particularly suitable for preparing a micro sensor; in addition, the preparation method is simple and feasible, and low in cost, and overcomes the defects of a complicated preparation process, high cost and the like of a laminated magnetoelectric composite material and the conventional film magnetoelectric composite material.