The invention discloses a multiple dispersion strengthening copper-base composite material produced in situ and a preparation method thereof; the reinforced phase comprises at least three of the following substances: titanium carbide, zirconium carbide, alumina, titanium boride, aluminum carbide, chromium oxide, zirconia, graphite and copper; wherein, the contents of titanium carbide, zirconium carbide, alumina, titanium boride, chromium oxide and zirconia are not less than 0.3% and not more than 5%, the content of aluminum carbide is not less than 0.1% and not more than 5%, the content of graphite is not less than 0.1% and not more than 1% and the balance is copper. The particle size of the reinforced phase is between 10nm to 10mu m. The preparation method adopts ball milling; pressing, sintering and squeezing processes and the technological parameters are optimized and controlled properly to obtain the multiple dispersion strengthening copper-base composite material. Because the in situ self-generation technology is adopted and various reinforced phase methods are combined, the material of the invention has higher high-temperature strength and better electroconductibility and anti-creep property compared with the traditional ceramic particle strengthening copper-base composite material.