The invention provides a copper-based alloy/iron-based martensitic alloy compound powder and a preparation method thereof, which relate to a compound powder material. The copper-based alloy/iron-based martensitic alloy compound powder which is simple and cheap and the preparation method thereof are provided. The compound powder comprises an inner core and an outer layer, wherein, the inner core is an iron-based martensitic alloy inner core or a copper-based alloy inner core, the outer layer is a copper-based alloy layer or a compound layer of an iron-based martensitic alloy layer and the copper-based alloy layer. The compound layer of the iron-based martensitic alloy layer and the copper-based alloy layer is composed by compounding the iron-based martensitic alloy layer and the copper-based alloy layer, wherein, the iron-based martensitic alloy layer is arranged at the inner layer of the compound layer and the copper-based alloy layer is arranged at the outer layer of the compound layer. Metals of copper, iron and silicon are weighted according to the preset composition of the copper-based alloy/iron-based martensitic alloy compound powder to be put into a vacuum induction furnacefor being smelted to obtain alloy liquid; the smelted alloy liquid is poured into a liquid receiving bucket and inert gas is used for blowing the liquid at the instant when the liquid inflows into anatomizing chamber, and then the copper-based alloy/iron-based martensitic alloy compound powder is obtained.