The invention discloses a PLA/PBAT biodegradable composite material, which is prepared from the following components in percentage by weight: 60-75% of a polylactic acid, 60-75% of poly(adipic acid)/butylene terephthalate, 1-5% of poly (caprolactone), 5-15% of an ethylene-vinyl acetate copolymer, 1-5% of an ethylene-vinyl acetate copolymer and polylactic acid graft copolymer, and 1-10% of vegetable oil polyols. The PLA/PBAT biodegradable composite material disclosed by the invention is excellent in tensile strength and toughness, good in chemical stability, and easy to process, and in addition, the material is biodegradable. The invention also discloses a preparation method of the PLA/PBAT biodegradable composite material, which can be implemented through the existing equipment twin-screw extruder, therefore, the method is easy to implement, strong in maneuverability, and easy to realize industrialized mass production, and has good economic benefits and broad application prospects.