The invention discloses a preparation method for a multi-wall carbon nano tube reinforced magnesium-based composite material coated with elemental copper. The preparation method comprises the following steps of: firstly, preparing a multi-wall carbon nano tube coated with elemental copper; then, introducing multi-wall carbon nano tube magnesium alloy powder into material suspension coated with elemental copper to mix to obtain a mixture, vacuum-drying the mixture at a temperature being 50-100 DEG C, introducing the mixture into a ball-milling crucible, and ball-milling the mixture under protection of argon gas; cold-pressing the mixture into a prefabricated block under pressure of 50-150 MPa, putting the prefabricated block into a mould, heating the mould to a temperature being 10-30 DEG C lower than a solid phase line at a heating rate being 10-15 DEG C/min, continuously heating at a heating rate being 3-6 DEG C/min, and controlling a solidification phase rate of the mould to be within a range of 70-90%, thereby obtaining the multi-wall carbon nano tube reinforced magnesium-based composite material coated with elemental copper. The preparation method has the advantages of being simple, safe, low in cost, easy to operate, controllable, and the like.