The invention provides a preparation method and application of a composite wave absorbing material of graphene and zeolite. The preparation method comprises the following steps: a, taking sodium hydroxide, dissolving to form a NaOH solution, dividing the NaOH solution into two parts, adding sodium metaaluminate in one part of the NaOH solution, stirring until the solution is clear, adding the graphene, and dispersing ultrasonically to obtain a solution A; b, adding sodium metasilicate in the other part of NaOH solution, stirring until the solution is clear, adding the graphene, and dispersing ultrasonically to obtain a solution B; c, adding the solution B in the solution A, stirring evenly, sealing and ageing, placing in a freezer dryer and carrying out freeze-drying to obtain the composite wave absorbing material of the graphene and the zeolite, wherein the molar ratio of the sodium metasilicate, the sodium metaaluminate and the sodium hydroxide is 1.24:1:3.66, and the mass ratio of the total graphene added in the step a and the step b to the sodium hydroxide is 0.05-2.0:10. The reflection loss of the material prepared by the invention can reach -53 dB, the frequency coverage area is wide, the wave absorbing property is good, the density is low, the content of the graphene is small, the cost of raw materials is low, and industrial production is convenient to realize.