The invention relates to an asbestos-free friction material for electromobile/motorcycle brake pads and a preparation method thereof. The material comprises the following components in parts by weight: 12-20 parts of steel fiber, 1-8 parts of aramid fiber, 10-30 parts of butadiene-acrylonitrile rubber, 5-15 parts of styrene-butadiene rubber, 10-20 parts of carbon black, 5-12 parts of composite mineral fiber, 1-3 parts of sulfur, 1-4 parts of vermiculite, 2-7 parts of epoxy resin, 6-15 parts of barium sulfate, 3-8 parts of graphite and 0.5-1 part of accelerator. The preparation sequentially comprises the following steps: proportioning, stirring, cooling, crushing, screening, compacting and curing heat treatment to obtain the asbestos-free friction material for electromobile/motorcycle brake pads. The asbestos-free friction material overcomes the defect that the existing electromobile/motorcycle brake pad can not easily satisfy multiple performance demands, and has the advantages of high wear resistance, high compression resistance, stable friction factor, low fading rate, no noise, simple production technique, high efficiency, low production cost and the like.