The invention discloses a negative temperature coefficient two-phase composite heat-sensitive material and a method for preparing the same characterized by mixing and milling the copper acetate, ferric oxalate, manganese acetate, nickel acetate and oxalate according to the mol ratio of 0.2-0.6: 1: 3.48-3.08: 1.32: 7.2, calcining the mixture after drying, mixing the prepared powder with partial stable cubic zirconia powder according to the mol ratio of 1: 1.5-4, getting two-phase composite powder after milling and drying, getting the negative temperature coefficient material with a relative density more than 94% after sintering. The material has a stable structure, a sintering temperature between 1200 and 1250 DEG C, a higher mechanical strength than the single-phase spinel ceramic, a B value less than 2800K, a resistivity of 1000omega.cm, a resistance drift less than 3% when accelerated ageing 1000 hours at 150 DEG C, a very good NTC property between -60 DEG C to +50 DEG C, and is suitable for the negative temperature coefficient heat sensitive sensor material in the modern aerostat.