The invention discloses a coated ternary lithium manganese iron phosphate composite material and a preparation method thereof. The coated ternary lithium manganese iron phosphate composite material comprises a coating material, a ternary material, lithium manganese iron phosphate, a dispersant and deionized water, wherein the coating material is graphene and metal elements, and the metal elements are at least one of oxides of AL, Mg, Ti, V, Nb, Sr, Y, Ru, Zn, Mo and Zr; the ternary material is LiNi<X>Co<Y>Mn<1-x-y>O2, x is greater than or equal to 0.3 and less than or equal to 0.9, and x + y is greater than or equal to 0.3 and less than or equal to 0.9; the lithium manganese iron phosphate is LiMn Fe<1-z>PO4, and z is greater than or equal to 0.1 and less than or equal to 0.9; the dispersing agent is at least one of hexadecyl trimethyl ammonium chloride, octadecyl trimethyl ammonium chloride polyethylene glycol, polyvinyl alcohol, polyoxyethylene, propylene glycol, sodium polystyrenesulfonate and ethanol. The invention relates to the technical field of lithium ion battery positive electrode materials, and particularly provides a coated ternary lithium iron manganese phosphate composite material and a preparation method thereof, which can reduce the cost of a ternary material, improve the safety performance and improve the conductivity of the lithium iron manganese phosphate material.