The invention discloses an oil removal and heavy metal removal modified walnut shell filter material and a preparation method thereof; the surface of the oil removal and heavy metal removal modified walnut shell filter material is provided with an oxidized graphene coating. The preparation method of the filter material includes the steps that walnut shell powder and oxidized graphene powder are added into a V-shaped mixer simultaneously to be stirred and mixed uniformly, then a cross-linking agent and deionized water are added, cross linking is conducted at the temperature of 50-80 DEG C for 3-3.5 hours, after the liquid phase is filtered out, absolute ethyl alcohol is washed to be neutral, drying is conducted for 1-3 hours at the temperature of 100-140 DEG C, finally a vibration screen is utilized to screen out the filter material with the particle size meeting the requirement, and a finished product is obtained. By means of the filter material, grease and heavy metal in sewage water can be removed simultaneously, the sewage treatment process is greatly simplified, sewage treatment cost is lowered, sewage treatment efficiency is high, the filter material is high in hardness, resistant to wear, good in pressing resistance, not prone to caking, large in toughness, easy to regenerate, long in replacement cycle and low in cost.