The present invention relates to light nanometer composite hydrogen storage material, which comprises Mg and multi-wall nanometer carbon tube (MWNTs) and the composition expression is Mg/(x-wt%)MWNTs, here 0<xíœ50. The Mg nanometer crystal is hydrogenated to form large quantity of hydrogenation phase MgH2 of nanometer structure and catalysis phase of multi-wall nanometer carbon tube debris. These three phases tightly connect to each other, forming uniform dispersion distribution. The preparation method is: Mg powder is mixed with multi-wall nanometer carbon tube and then ball-ground in hydrogen atmosphere to undertake catalysis reaction. The method combines the preparation, activation and hydrogenation of composite material in one process. The invention has the advantages of high power of the storage and release of hydrogen, high velocity of the absorption and release of hydrogen, moderate operation temperature, low weight, low production cost, abound resources and safety in storage and transportation. It can be used for the mass production, storage and transportation of hydrogen, the hydrogen carrier of fuel cell, the purge and purification of hydrogen, and organic hydrogenation engineering.