Relating to an all plastic wood-like material and its preparation method, the invention provides a flame retardant micro-foamed all plastic wood-like material and its preparation method. The all plastic wood-like material comprises: 100 of polystyrene, 20-40 of high impact polystyrene, 10-15 of resin, 2-5 of an inorganic filling material, 15-25 of fire retardants, 5-15 of a smoke suppressant, 0.5-1.5 of foaming agents, 0.5-2 of a cell regulator, 0.5-2 of a colouring agent and 1.5-3 of auxiliary agents. The method consists of: mixing the auxiliary agents, the colouring agent, the fire retardants, the smoke suppressant, the foaming agents and the cell regulator according to the ratio so as to obtain a mixture A; drying the resin and the inorganic filling material; mixing polystyrene, high impact polystyrene, resin and the inorganic filling material, as well as the mixture A, thus obtaining a mixture B; subjecting the mixture B to granulation, and molding the obtained particles, thus obtaining the halogen-free and flame retardant micro-foamed all plastic wood-like material.