Modified sepiolite used for a polyethylene corrugated pipe material and a preparing method of the modified sepiolite are disclosed. The modified sepiolite is prepared from following raw materials by weight: 85-105 parts of sepiolite, 10-15 parts of nanometer zirconium dioxide, 18-26 parts of shell powder, 4-7 parts of perfluoro alkyl ethyl acrylate, 2-5 parts of tallow fatty acid, 9-16 parts of glucose pentaacetate, 10-15 parts of gum dammar, 6-12 parts of shellac, 5-10 parts of walnut shell powder, 4-8 parts of ozokerite, 1-2 parts of distearyl dimethyl ammonium chloride, 40-50 parts of polybutylene terephthalate, 25-35 parts of an ethylene-ethenol copolymer, 10-15 parts of polybrominated diphenyl ethers, 5-10 parts of calcium hypophosphite, 2-3 parts of zinc laurate and 5-7 parts of auxiliary agents. The modified sepiolite and the method can significantly improve the dispersing property of the sepiolite in a polyethylene base material, intensifying adhesion of sepiolite-polyethylene interfaces, effective overcome problems that are hard dispersion, easy layering, much dust, and the like of the sepiolite at present, and improve mechanical strength, wear resistance, fatigue resistance, elasticity, machinability, and other properties of the polyethylene material.