The invention discloses a recycled polyester material and a preparation method thereof. The recycled polyester material is composed of waste polyester, an inorganic filler, glass fiber, a chain extender, a deodorant, a dispersant, an antioxidant, an ultraviolet absorber and a heat stabilizer. The preparation method of the recycled polyester material includes the following steps: 1) preparing wastepolyester particles; 2) mixing the waste polyester particles, the inorganic filler, the glass fiber, the chain extender, the deodorant and the dispersant uniformly, and carrying out extrusion granulation to obtain the recycled material; and 3) mixing the recycled material, the antioxidant, the ultraviolet absorber and the heat stabilizer uniformly, and then performing extrusion granulation to obtain the recycled polyester material. The recycled polyester material has high tensile strength, high bending strength, high elongation at break, good aging resistance and good workability, the recycling preparation process is simple, and the recycled polyester material can be used as an injection molding raw material of helmets, household appliance shells, building boards and toys without additionof new resin.