The invention discloses a method for preparing a polyethylene-based wood-plastic composite material by using bagasse. The method comprises the steps: soaking the bagasse into a sodium hydroxide aqueous solution for alkalization treatment, then, washing with distilled water, then, drying, and carrying out mechanical crushing, so as to prepare bagasse powder with the particle diameter of 100-200 meshes; weighing raw materials, namely the bagasse powder, medium-density polyethylene, benzoyl peroxide, maleic anhydride, silicone oil, chlorinated paraffin and dibasic lead phthalate, according to the following mass ratio of (20-60): (10-50): (0.5-2): (1-4): (15-20): (1-7): (0.5-4.0), uniformly mixing the raw materials in a high-speed stirrer so as to prepare a mixed material, and then, reacting and extruding in a twin-screw extruder, thereby preparing an extruded-molded sheet material, namely the polyethylene-based wood-plastic composite material. According to the method disclosed by the invention, the operation is simple, the waste is utilized, and large-scale popularization and application are facilitated; the prepared polyethylene-based wood-plastic composite material is non-toxic and environment-friendly, is excellent in comprehensive performance and easy in processing and can replace the traditional timber, thereby having a broad application prospect.