The invention discloses a polyphenylene sulfide composite material which comprises the following components in percentage by weight: 10-40 percent of polyphenylene sulfide, 10-40 percent of polyamide, 5-30 percent of glass fiber, 5-20 percent of compatilizer, 0.2-1.5 percent of coupling agent, 0-1 percent of antioxidant, 0-1 percent of light stabilizer and 0-1 percent of processing aid. The method for preparing the polyphenylene sulfide composite material comprises the following steps: preparing various raw materials; sequentially adding polyphenylene sulfide, polyamide, the compatilizer, the coupling agent, the antioxidant, the light stabilizer and the processing aid into a high-speed mixer for dispersing and mixing; putting the mixed materials into an extruder after mixing is finished, independently introducing the glass fiber through a glass fiber port of the extruder during extrusion, and mixing, extruding and pelleting the materials to obtain granules of the polyphenylene sulfide composite material. The provided polyphenylene sulfide composite material has high rigidity, strength and toughness and can be widely applied to the fields of aerospace and aviation, chemical industry, electronic products, machinery, automobiles and railways.