The invention discloses a composite friction material by using a truck waste brake shoe friction material as a filler, relating to the technical fields of friction materials and vehicle brake shoes. The composite friction material comprises a resin matrix, a reinforcing fiber, a filler and assistants, wherein the resin matrix is a phenol formaldehyde resin, the filler is a truck waste brake shoe friction material, and the assistants comprise iron powder, an accelerator, molybdenum disulfide, stearic acid and graphite. The preparation method comprises the following steps: material preparation, stirring, compression molding and curing treatment. By utilizing the truck waste brake shoe friction material as the filler, combining the optimal selection and proportioning of the phenol formaldehyde resin, reinforcing fiber and other assistants and optimizing various parameters of the molding technique, the prepared composite friction material has the characteristics of stable friction factor, low heat fading, favorable thermal restorability, low wear rate and high carrying capacity, can be used for manufacturing multiple friction components, has excellent frictional wear performance, favorable bending strength and favorable impact toughness, and achieves favorable use effect.