The invention relates to the technical field of food processing, in particular to a dogwood and smooth-skinned papaya composite fruit vinegar and a preparation method thereof. The preparation method comprises the steps of dogwood de-astringency, dogwood enzymolysis and extraction, dogwood juice preparation, smooth-skinned papaya color protection, smooth-skinned paw pulping, smooth-skinned papaya de-astringency, smooth-skinned papaya juice preparation, raw material mixing, sterilization, alcoholic fermentation, acetic acid fermentation, aging, filtration and sterilization. The defects of sour and astringent mouthfeel, difficulty in direct eating and easy browning of dogwood are overcome, dogwood juice is prepared after de-astringent, enzymolysis and extraction operations are carried out onthe dogwoods, the defect is overcome that smooth-skinned papayas have hard, sour and astringent taste and are not suitable for direct eating, smooth-skinned papaya juice is obtained after color protection, pulping, enzymolysis and de-astringency are conducted on the smooth-skinned papayas, and the smooth-skinned papaya juice and the dogwood juice are mixed and fermented to obtain the dogwood and smooth-skinned papaya composite fruit vinegar. The dogwood and smooth-skinned papaya composite fruit vinegar is reasonable in nutrition collocation and pure in taste, has the effects of protecting liver, tonifying kidney, softening blood vessels and resisting oxidation, and has a good health-care function.