The invention relates to a sintered composite soft magnetic material and a method for preparing the same. The material comprises a metal soft magnetic material, a soft magnetic ferrite and a low-melting-point soft magnetic alloy, wherein the metal soft magnetic material is formed by at least one of an Fe-Ni system, an Fe-Co system, an Fe-Co-V system, an Fe-Al system and an Fe-Al-Me system (Me is one or more than two of Co, Cr and Mo), the soft magnetic ferrite is formed by at least one of an Mn-Zn system, an Ni-Zn-based, an Li-Zn system and a Cu-Zn system, and the low-melting-point soft magnetic alloy is an Re-Fe-M system alloy (Re comprises one or more of 17 rare earth elements including Sc and Y, and M is one or more of metal elements including B, Al, Si, Ti, V, Cr, Mn, Co, Cu, Mo, Ni, Zn, Ga, Nb, Ta and W). The method for preparing the soft magnetic material formed by the components has the advantages that cold pressing and then sintering or hot pressing or spark plasma sintering are selected, and the soft magnetic material not only overcomes the low resistivity of the metal soft magnetic material and the low magnetic induction of the ferrite, but also maintains the excellent performance of the metal soft magnetic material and the soft magnetic ferrite.