The invention relates to a friction material, a composite brake shoe and a preparation method, and relates to the technical field of brake shoe preparation. The friction material comprises the following raw materials in parts by weight: 25-30 parts of steel fibers, 5-8 parts of boron-modified phenolic resin, 10-15 parts of phenolic resin, 3-5 parts of nitrile rubber, 10-15 parts of graphite, 5-10parts of glass fibers, 5-10 parts of basalt fibers, 2-5 parts of barite, 1-2 parts of aramid fibers, 15-20 parts of calcium hydroxide, 1-2 parts of silicon carbide and 2-5 parts of aluminum oxide. With the proportion of the metal content in the formula and the synergistic effect of the raw materials, the hardness of the friction material is increased, the friction coefficient is reduced, the elasticity modulus is increased and the heat resistance is enhanced. The brake shoe prepared from the friction material has the characteristics of good heat resistance, low and stable friction coefficientand good impact resistance effect and can prevent transfer, adhesion, damage and scratch of the base material during braking of the brake shoe and can overcome the defects of brake shoe chipping/cracking, metal inserts and the like generated during frequent braking of large-scale road maintenance machinery.