The invention discloses a reinforced toughened self-lubricating polyformaldehyde composite material and a preparation method thereof, belonging to the field of polymer materials and molding processing thereof. The polyformaldehyde composite material disclosed by the invention comprises the following components in percent by weight: 45-70 percent of POM (Polyoxymethylene), 10-30 percent of TPEE (Thermoplastic Polyether Ester Elastomer), 4-6 percent of polytetrafluoroethylene, 5-15 percent of glass fiber, 0.2-1 percent of antioxygen, 0.5-0.8 percent of formaldehyde absorbing agent, 0.3-0.5 percent of surface lubricating agent, 1-8 percent of zinc oxide whiskers, 0.1-0.2 percent of coupling agent and 1-2 percent of compatilizer. The polyformaldehyde composite material is prepared by adopting the method comprising the steps of: drying 10-30 percent of TPEE at a temperature of 100 DEG C for 2-4h; adding the dried TPEE in a high-speed mixing machine, adding the 45-70 percent of POM, the 4-6 percent of polytetrafluoroethylene, the 5-15 percent of glass fiber, the 0.2-1 percent of antioxygen, the 0.5-0.8 percent of formaldehyde absorbing agent, the 0.3-0.5 percent of surface lubricating agent, the 0.1-0.2 percent of coupling agent and the 1-2 percent of compatilizer for mixing for 15-20min at a room temperature; and adding a mixture obtained in the last step into an extruder, adding the 1-8 percent of zinc oxide whiskers from an exhaust hole on the dual-screw extruder, extruding and granulating, and injection-molding. The composite material provided by the invention has the advantages of dispersing uniformity, good mechanical property and better abrasion resistance.