The invention discloses a polycrystalline cubic boron boride/diamond composite material. The polycrystalline cubic boron boride/diamond composite material consists of polycrystalline cubic boron boride, diamond particles and a binding agent 8. The composite material disclosed by the invention creatively takes polycrystalline cubic boron boride as a matrix material of the diamond composite material, so that hardness and wear resistance of the matrix of the composite material are remarkably improved; while applied to a diamond tool, the polycrystalline cubic boron boride/diamond composite material can improve processing efficiency of a hard material and drilling efficiency of a hard rock layer; cubic boron boride powder, the diamond particle and the binding agent powder are prepared througha high-temperature high-pressure sintering process; the diamond composite material adopts polycrystalline cubic boron boride as the matrix material, and the diamond is embedded into the matrix material as a hard point and a wear-resisting phase; and the composite material is compact in material, the matrix of the composite material has relatively high hardness, relatively high wear resistance andrelatively high overall performances, and a diamond tool manufactured from the composite material can improve processing efficiency of the hard material and drilling efficiency of the hard rock layer.