The invention discloses a high-toughness halogen-free flame-retardant PC/ABS (polycarbonate/acrylonitrile-butadiene-styrene) alloy reflecting material which comprises the following components in percentage by weight: 50-70% of PC resin, 5-10% of ABS resin, 2-3% of self-made compatilizer, 10-30% of titanium white, 0.2-0.5% of halogen-free flame retardant 1, 0.2-1% of halogen-free flame retardant 2, 0.2-0.3% of anti-dripping agent, 0.2-0.5% of antioxidant and 0.4-0.8% of processing assistant. The preparation method comprises the following steps: weighing the components in percentage by weight, mixing in a high-speed mixer for 2-3 minutes, discharging, and carrying out extrusion granulation on a double screw extruder, wherein the processing temperature is 220-260 DEG C, and the rotation speed of the screw is 380-420 rpm. The method improves the processibility, stress cracking resistance and solvent resistance of the PC. The two halogen-free flame retardant are compounded, so that the reflecting material can be more widely applied to manufacturing of reflecting cups and various other illumination reflecting products, and reflecting panels.