The invention discloses a high saturation magnetic induction intensity iron-based amorphous soft magnetic composite material and a manufacturing method of the composite material. The atomic ratio expression of the alloy composition forming the amorphous soft magnetic composite material is Fe100-a-b-c-dREaMbPcSd, wherein 0<a<=8, 10<=b<=25, 0<c<=10, 0<d<=0.5, RE is one or a mixture selected from Y, La, Eu, Gd, Dy, Ho, Er, Tm, Yb and Lu, and M is one or a mixture selected from C, Si and B. The manufacturing method of the iron-based amorphous soft magnetic composite material includes the technical steps of alloy smelting, atomizing and pulverizing, insulating cladding, compression molding and heat treating. The iron-based amorphous soft magnetic composite material prepared through the method is high in saturation magnetic induction intensity and can be applied to electronic devices high in power and frequency.