The invention belongs to the field of water-based damping materials, and particularly relates to a novel graphene environment-friendly damping material for vehicles and a preparation method thereof. The preparation method comprises the step of uniformly mixing water-based acrylate, water-based polyurethane, polysiloxane, hollow fibers, rare-earth oxide hollow microspheres which are subjected to self-assembly treatment layer by layer, graphene foam and bentonite. The damping material has a cavity sound absorption structure and double sound absorption mechanism of viscoelastic damping characteristics, realizes sound elimination in the field of damping materials for vehicles instead of traditional asphalt damping plates, and has the advantages of environmental friendliness and the like.