The invention discloses a TPU/TPE composite modified material, which comprises: a polymer, polyurethane, a compatibilizer, a laser carving auxiliary agent and processing oil according to a certain weight part ratio, and is specifically prepared from the following raw materials by weight: 50-100% of SEBS, 50-100% of TPU, 30-50% of processing oil, 8-15% of MAH-G-SEBS, 8-15% of NH2-G-SEBS, 0.5-2% ofa laser engraving auxiliary agent, 0.1-0.5% of an antioxidant, 0.1-0.5% of an anti-ultraviolet absorber, 0.5-2% of an antibacterial agent, and 0.5-5% of organic silicone. According to the present invention, the obtained TPU/TPE composite modified material has strong adhesion with ABS, PC, POM, ASA, AS, SAN and other materials, can be subjected to secondary molding injection, can be recycled, meetsthe FDA food hygiene requirements, and further has advantages of no toxicity, no odor, excellent elasticity, high unit weight utilization rate, wide hardness range and easy processing.