The invention discloses a high speed steel precursor powder mixture used for preparing a cBN-high speed steel composite material. The high speed steel precursor powder mixture comprises, by mass, 3%-15% of Co powder, 32%-75% of Fe powder, 20%-50% of carbide powder selected from Group 4 metal, Group 5 metal and Group 6 metal of the periodic table of the elements, and 0-2% of C powder. The cBN-high speed steel composite material comprises, by mass, 1%-30% of cBN, 2.7%-13.5% of Co, 1.7%-5.4% of C, 14%-45% of Group 4 metal, Group 5 metal and Group 6 metal selected from the periodic table of the elements, and 40.6%-67.5% of Fe. Non-atomized powder is adopted to replace atomized powder, a local eutectic liquid phase can be avoided, erosion to cBN by the local eutectic liquid phase is prevented, the cBN can be kept stable, and therefore usability of the final cBN-high speed steel composite material is improved.