The invention discloses a low-temperature co-fired ceramic material of a double-phase ceramic filler, and a preparation method thereof. The material comprises, by weight, 100 parts of BBSZ glass, 80-150 parts of aluminum oxide ceramic powder, 2-130 parts of boron nitride ceramic powder and 3 parts or below of carbide, wherein the particle size of the aluminum oxide ceramic powder is 1-2 [mu]m, andthe particle size of the boron nitride ceramic powder is less than or equal to 400 nm. The method comprises the following steps: mixing bismuth trioxide, boron oxide, silicon oxide and zinc oxide, melting the obtained mixture, carrying out water-cooling quenching, ball-milling the obtained BBSZ glass slag into powder, and mixing the powder with the aluminum oxide ceramic powder and the boron nitride ceramic powder, and then sequentially carrying out joint ball milling on the obtained mixed powder, a solvent, a dispersing agent, a binding agent, a plasticizer and a homogenizing agent, carryingout tape casting on the obtained slurry in a mold, drying the cast slurry, sequentially placing obtained raw ceramic chips at different temperatures to remove organic additives, and carrying out sinter molding to obtain the target product. The material has excellent heat conduction and dielectric properties, and can be easily and widely commercially applied to the field of electronic packaging.