The invention relates to an inorganic fiber reinforced composite material which is characterized in that the composite material is prepared by magnesium oxide, phosphate, a retarder, short fibers, fillers and water according to a certain weight ratio; the composite material can be used to produce various products by mold pouring or pressure molding, and the operation is simple and convenient; the composite material has the advantages and effects of good mechanical properties, good density, acid and base corrosion resistance, nontoxicity, environmental protection, low cost and wide applications; and the inorganic fiber reinforced composite material has low cost, high strength, and good toughness, is applicable to industrial batch production, is suitable for producing pipes, tanks, decoration materials, handicrafts, fireproof doors and windows and the like with various shape specifications, and can substitute wood, metal, and plastics in many aspects.