A high-toughness high-strength composite material comprises the following components by mass: 75-90 parts of a Fe3Al intermetallic compound, 1-5 parts of molybdenum carbide, 0.3-1 part of yttrium, 3-10 parts of chromium and 0.2-0.3 part of an additive. According to the composite material, the room-temperature elongation is higher than 20% and the hardness is higher than 5 GPa. The composite material has the excellent mechanical property, is high in strength and toughness, and can be widely applied as a friction-resistant, abrasion-resistant, heat-resistant and oxidation-resistant material.