The invention discloses a polyurethane composite material regenerated from waste polyurethane soles and a preparation process thereof. The polyurethane composite material is prepared from the following raw materials in parts by weight: 170-180 parts of waste polyurethane soles, 10-14 parts of a compatibilizer, 5-7 parts of toluene diisocynate, 2-4 parts of tri(2,4-di-tert-butylphenol) phosphite ester, 4-6 parts of medical stone powder, 6-8 parts of organic silicon, 2-3 parts of ammonium polyphosphate, 12-18 parts of polyisocyanate, 3-5 parts of hybrid polyester polyol, 5-7 parts of dibutyltin dilaurate, 6-8 parts of alkanolamide, 4-5 parts of nano-alumina powder, 2-3 parts of antioxidant TNP, 7-9 parts of aluminum stearate, 8-10 parts of isocyanate, 4-6 parts of zirconium oxide, 9-11 parts of nano montmorillonite and 10-12 parts of additives. According to the invention, on one hand, the recovery problem of the waste polyurethane soles is solved, on the other hand, the raw materials are easy to obtain, the cost is low, the operation is simple, and emission of three wastes is avoided in the production, so as to protect the environment and reduce the production cost, and ensure that the economic benefit and the social benefit are considerable.