The invention discloses low-heat-release and high-biological-activity compound bone cement and a preparation method thereof. The compound bone cement is prepared by mutually mixing 40-80% of solid phase powder and 10-50% of a liquid phase, wherein the solid phase powder comprises graphene, polymethyl methacrylate and hydroxyapatite; the liquid phase comprises methyl methacrylate, hydroquinone anddimethyl-p-toluidine. The compound bone cement is high in syringeability and biological activity; by adding the graphene with the super-high specific surface area, it is ensured that in the using process of the PMMA bone cement, the reaction heat of the PMMA bone cement is gradually released without injuring surrounding bone tissue, and it is ensured that the bone cement has a high plasticity andis capable of being shaped at random. In the solidification process, the polymerization heat release temperature is greatly lowered, the overall performance is excellent, the bone cement can meet requirements of filling and repair of bone defects, and the bone cement can be used as a drug carrier to treat orthopedic related diseases.