The invention relates to the lamp heat dissipation materials, and particularly relates to a highly-antirust aluminum-based composite heat dissipation material used for LEDs and a producing method thereof. The heat dissipation material is prepared from following raw materials by weight: 60-65 parts of aluminum, 10-11 parts of iron, 5-8 parts of magnesium nitride, 1-1.5 parts of stannous pyrophosphate, 1-2 parts of zinc phosphate, 0.4-0.5 part of calcium phosphate, 0.1-0.2 part of strontium phosphate, 8-10 parts of clay, 12-15 parts of quartz sand, 10-12 parts of silicon carbide, 6-8 parts of aluminum-rich andalusite and 4-5 parts of auxiliary agents. The heat dissipation material integrates advantages of the aluminum, the iron, the magnesium nitride, the clay, the quartz sand, the silicon carbide, and the like and has good heat conducting and thermal insulation properties. The raw materials are fully mixed. Sintering effects are good. The prepared heat dissipation material has characteristics of compact structure, bright and clean surfaces, whether tolerance, water resistance, capability of being not liable to rust and durable in use, good heat dissipation capability, capability of protecting LED lamps and delaying the luminous decaying speed, good using properties and long service lifetime.