The invention provides a composite material of shell micro powder filling bio-based resin and a method for preparing the same. The composite material comprises the following component in percentage by mass: (1) 20 to 60 percent of shell micro powder, 40 to 80 percent of bio-based resin, 1.5 to 8 percent of coupling agent and 0.2 to 0.4 percent of anti-oxidant; and or 20 to 60 percent of shell micro powder, 40 to 80 percent of bio-based resin, 0.6 to 3 percent of isocyanate, 0.05 to 0.1 percent of organic tin or organic stannous catalyst, and 0.2 to 0.4 percent of anti-oxidant. The invention also discloses a method for preparing the composite material. The method has the advantages of utilizing the ultrasonic cavitation to grind and disperse the shell micro powder, simultaneously accelerating the grafting or chemical bonding of the coupling agent or isocyanate on the surface of the shell micro powder, greatly shortening the modification time of the shell micro powder and the forming period of the composite material, and improving the interface compatibility and the bonding strength of the shell micro powder and the bio-based resin. The composite material is widely applied in fields of the production and consumption of automobile interior parts, stationery, road blocks, sporting goods, food bags, refuse bags, disposable tablecloth, outdoor flower pots, canteens, knives and forks and the like.