The invention discloses a method for producing a composite wood board by using waste wood as a base material. The method comprises the steps of wood dust and flour preparation, material blending, pressure casting for forming, and cooling, wherein in the step of material blending, the flowing material in mass percentage are added: 57-74% of wood dust and flour, 5-10% of carbon fibers, 18-25% of a flame retardant, 1-3% of an ultraviolet light absorber and 2-5% wood glue powder; the flame retardant is nano magnesium hydroxide of which the surface is subjected to activating treatment with a silane coupling agent. The method has the advantages of being simple in process, efficient, environment-friendly and the like, and uses waste wood as the main raw material, so that the production cost is reduced; obtained products have the advantages of being high in strength, wear-resistant, flame-retardant, good in plasticity, excellent in dimensional stability, and the like, can replace wood to be used in the fields of architectural decoration, furniture and the like, and are durable.