The invention discloses a method for preparing compound MgB2 superconductor, and belongs to the technical field of MgB2 superconductor preparation. The method comprises the following steps: taking magnesium powder, boron powder and white phosphorus, milling with anhydrous ethanol, freezing into blocks with liquid nitrogen, conducting pulverization and sieving, then conducting stirring and preheating, adding an ignited magnesium rod, then heating, keeping heat and stirring, filtering to obtain a filtered matter, washing with a hydrochloric acid solution and distilled water, drying, mixing and grinding with graphene, conducting cold drawing to obtain a compound superconductor wire rod, and keeping heat in the xenon condition so as to prepare the compound MgB2 superconductor. The method has the benefits that the preparation steps are simple, the effective pinning center of the superconductor is effectively improved, the critical current density is increased by 12-16%, and the purity is increased by 25.6% or above; the fragility of the obtained product is less, the MgB2 core wire has no crack in the production process, and the material performance is good.