The invention relates to the technical field of macromolecular alloys, particularly a high foaming polyethylene alloy material and a preparation method therefore. The high foaming polyethylene alloy material comprises the following raw materials in parts by weight: 100 parts of polyethylene resin, 2-10 parts of PP-g-gamma-(methyl acryloyl oxy)propyl trimethoxy silane, 1-10 parts of a foaming agent, 1-15 parts of calcium carbonate, 0.5-5 parts of a lubricant, 0.5-3 parts of a dispersant, 0.5-2 parts of a coupling agent, 0.2-5 parts of a crosslinking agent and 0.1-0.5 part of an antioxidant. By adopting the technical scheme, the high foaming polyethylene alloy material is suitable for die forming and foaming of products in various shapes and pressure-free forming and foaming; the foamed body not only is highly foamed and is high in hardness and good in buffering and damping effect, but also can be used in the field of building materials, packaging, light industry and the like and further can be used for meeting the requirements in military industry and marine industry on buffering and shock resistance, light weight of equipment, filling of specially shaped products and the like.