The invention relates to a polyethylene foam material prepared by utilizing a recycled foam material. The polyethylene foam material sequentially comprises the following components in parts by weight: cross-linked polyethylene foam material waste, composite filling agent, compound cross-linking agent, compound foaming agent and foaming auxiliary agent and is sequentially processed and produced through the cross-linked polyethylene foam material waste, the composite filling agent, the compound cross-linking agent, the compound foaming agent and the foaming auxiliary agent. The polyethylene foam material with excellent property disclosed by the invention is produced by sequentially carrying out cross-linked polyethylene foam material waste processing, raw material mixing, raw material retreatment, slice cutting, compression moulding and cooling shaping on the cross-linked polyethylene foam material waste, the composite filling agent, the compound cross-linking agent, the compound foaming agent and the foaming auxiliary agent which are in certain parts by weight, thereby reducing the production cost, protecting the environment and recycling the resources.