The invention relates to a method for preparing a cellulose filled composite material and belongs to the technical field of composite material preparation. The method comprises the following steps: weighing 1,000-1,100 weight parts of raw material, namely cellulose; drying for 3 hours until the mass percentage of water is less than 1 percent; weighing 60 to 80 weight parts of polyolefin, 5 to 15 weight parts of coupling agent, 5 to 15 weight parts of lubricating agent, 5 to 15 weight parts of impact resistant modifier and 5 to 15 weight parts of dispersing agent; fully mixing raw materials, and processing by using an extruder; and cooling by using a cooling tank, cutting the material to have the required shape, and drying. The prepared composite material has high mechanical properties and thermoplastic property. The composite material can be used for manufacturing various structural products; and the products have different shapes, such as office supplies, living goods (such as plastic basins, doors and windows and rail fences), crossbeams, bearing building materials, electronic product insulating shells, parts in the automobile industry, and interior decoration parts in the aviation industry.