The invention belongs to the field of materials, and discloses a metal-based composite material. The metal-based composite material comprises Al2O3 hollow microspheres, silicon carbide, a binder and ametal material, and the particle size of the Al2O3 hollow microspheres is 10-60 micrometres. According to a preparation method of the metal-based composite material, the metal-based composite material is prepared by adopting an infiltration casting method, the Al2O3 hollow microspheres, the silicon carbide and the binder are adopted as a raw material to prepare a ceramic preform with porous property and high strength, and then a metal solution enters the ceramic preform under the action of pressurization and capillary force between the ceramic preforms and is compounded to obtain the metal-based composite material. Through reasonable proportioning and cooperation of the Al2O3 hollow microspheres, silicon carbide particles and silicon carbide whiskers, a ceramic preform material with uniform pores is formed under the effects of full mixing and high-temperature bonding, and after infiltration with the metal solution, the obtained metal-based composite material is small in density whichcan reach 1.87 gram per cubic meter, uniform in texture and high in mechanical strength, the compression strength can be larger than 400 MPa, the plasticity is good, the toughness is high, and the damage resistance is high.