The invention belongs to the technical field of materials, and particularly relates to a copper alloy base self-lubricating composite material and a preparation method thereof. The composite material comprises the following chemical components in percentage by mass: 9-10% of Ni, 0.5-1% of Sm2O3, 0.5-1% of MoS2, 0-1% of Ag, 0-2% of CaF2, 1-2% of Al2O3, 0-3% of W, 1-3% of nickel-plated graphite, 1.1-3.0% of copper-plated carbon fiber, 0-2.8% of pore forming agent NH4HCO3 and the balance of ZQSn663 tin bronze powder. The preparation method comprises the following steps: mixing the components, pressing to obtain a sample, sintering, performing hot dipping with composite PTFE (polytetrafluoroethylene), and drying to prepare the composite material. Through a method combining powder metallurgy sintering and composite hot dipping and hole sealing technologies, the novel copper alloy base composite self-lubricating material which has high strength, high wear resistance and self-lubricating property can be prepared in an environment-friendly and low-cost way. By regulating and controlling the components and technologies, the density of the prepared copper alloy base composite self-lubricating material is 4.71-6.54 g/cm<3>, the hardness is 30-58 HV, the crushing strength is 99-222 MPa, and the friction coefficient is 0.15-0.06, thereby meeting the requirements for self-lubricating materials of friction bushings under different working conditions.