The invention discloses a medical titanium/magnesium composite material which comprises a porous skeleton, wherein the porous skeleton is prepared from medical-grade titanium wires or titanium alloy wires and prepared into a preset shape and a preset porosity by using a conventional winding or knitting machine, the porous skeleton is filled with three-dimensional through pores with different porosities capable of meeting various bone implantation requirements, then a medical magnesium or magnesium alloy melt is infiltrated in the pores of the porous skeleton by pressureless infiltration or negative-pressure suction casting, and after the porous skeleton is cooled, a medical titanium/magnesium composite material is formed. The composite material disclosed by the invention is reasonable in structure and excellent in mechanical properties; in the early stage of body implantation, the mechanical properties of the composite material can be matched with bones well, thereby avoiding stress shielding; after the composite material is implanted, with the degradation of magnesium, a porous structure of an implant is constantly restored, so that bone conduction is facilitated, and the requirements of most of bone filling, bone repair and bone transplantation applications can be met, therefore, the composite material is applicable to bone implanting operations with relatively high strength requirements.