The invention relates to a composite electric contact material and a preparation method thereof. The method comprises the following steps: 1, uniformly mixing silver powder and additive powder, blending the mixed powder into slurry with absolute ethyl alcohol and dispersing; 2, taking copper base material or stainless steel as a base material, coating the mixed powder slurry on the base material,drying, and then putting the base material in a protective atmosphere to carry out primary sintering and heat preservation; 3, coating the mixed powder slurry on the base material after cooling, and carrying out re-sintering and heat preservation; 4, repeating the process of step 3, and then cold or hot processing; and 5, putting the cold or hot processed material in an inert gas protective atmosphere to carry out final sintering and heat preservation. The additive is one of or any combination of nickel, rare earth, rare earth oxide, cadmium oxide, zinc oxide, tin oxide, indium oxide, tungsten carbide, boron carbide, diamond and graphite. According to the invention, the combination strength of silver alloy and the copper base material or stainless steel is improved, and the electric conductivity is enhanced. The defect that the silver alloy can not be compounded in a conventional method due to brittleness is overcome.