The invention discloses a low-fiber-emergence low-warping high-tenacity flame-retardant PET/PETG composite material and a preparation method, and relates to the field of high polymer materials. The composite material is prepared by mixing 30-50 parts of PET resin, 5-20 parts of PETG resin, 0.1-1 part of a coupling agent, 2-8 parts of a flexibilizer, 11-15 parts of a fire retardant, 0-1 part of a nucleating agent, 0.1-1 part of an antioxidant and 0.1-1 part of a lubricating agent, adding 15-30 parts of irregular-shaped glass fibers during the extrusion process of a twin-screw extruder, extruding, and pelletizing to obtain. The preparation method of the low-fiber-emergence low-warping high-tenacity flame-retardant PET/PETG composite material disclosed by the invention utilizes the characteristic that the PETG resin is well compatible with the PET resin; the addition of the flame-retardant system PETG, the flexibilizer and the nucleating agent greatly improves the processing performance, the surface performance and the impact performance of the composite material, while influencing the other performances a little; meanwhile, the addition of the PETG and the irregular-shaped glass fibers reduces the crystallization temperature and the crystallization rate of the material, and lowers the warping degree.