The invention relates to a formula and a preparation method of an injection-molded high-thermal-conductivity insulation polyester composite material. The heat conduction coefficient is higher than 0.78W/m.K. The material is composed of the components of, by weight: 100 parts of polyester, 50-200 parts of a high-thermal-conductivity filling material, 50-200 parts of metal oxide, 0-30 parts of alkali-free glass fiber, 0-20 parts of a toughening agent, 0-10 parts of a compatilizer, 0.5-3 parts of a coupling agent, and 1-5 parts of an active multi-functional-group compound. The characteristics of the preparation method are that: metal oxide pre-coating treatment and active multi-functional-group compound adding methods cooperates, such that a polyester degradation problem during a processing process is solved. Also, belt conveying, air-cooling, and hot cutting technologies are adopted, such that the steps are simplified, and time is saved.