The invention discloses a heat-resistant halogen-free flame-retardant polylactic acid multi-element composite material and a preparation method thereof. The composite material is prepared from the following raw materials: modified polylactic resin, aromatic polycarbonate resin, aliphatic polyster resin, a cross-linking agent, a halogen-free flame retardant, white oil, a dispersing agent, an antioxygen, and a processing aid. The preparation method comprises the following steps: a, drying the modified polylactic resin; b, uniformly mixing the dried modified polylactic resin and the white oil; c, uniformly mixing the cross-linking agent and the dispersing agent; d, continuously mixing the halogen-free flame retardant, the antioxygen, the processing aid and the mixed materials in step b and step c; and e, putting the mixed material in step d into a twin-screw extruder, and performing melt extrusion for granulation. The invention provides a composite material having the advantages of heat resistance, flame retardancy and good impact resistance, and a method for preparing the composite material, which has the advantages of simple production process, convenient operation and low cost.