The invention relates to a tungsten-base composite material applied to ray shielding and a preparation method thereof. The tungsten-base composite material comprises the following components in parts by weight: 100 parts of rubber, 200-2000 parts of tungsten powder, 0.5-50 parts of tungsten fiber, 0.5-150 parts of barite powder and/or 0.5-250 parts of rare-earth oxide powder, 0.5-6 parts of compatilizer, 3-9 parts of activator, 0.5-50 parts of plasticizer, 0.5-3 parts of anti-aging agent, 0.05-0.5 part of anti-scorching agent, 0.5-3 parts of vulcanization accelerator and 0.5-3 parts of vulcanizing agent. The preparation method comprises the following steps: (1) proportioning and preparation of raw materials; (2) preparation of mixed filler; (3) mixing of rubber matrix; (4) extrusion and calendering; and (5) vulcanization molding and the like. The composite material is free of lead, and has the advantages of favorable ray shielding performance, favorable physical and mechanical properties and the like.