A composite material type oxygen transport membrane and its preparation method are disclosed. The composite material that is an ionic-electronic mixed conducting material having high ionic conductivity is stirred into slurry and formed into a thin strip-shaped green tape substrate through tape casting to obtain a predetermined half-finished substrate, and then sintered to form the half-finished substrate into a conductive function type oxygen ion conducting substrate, followed by choosing small particle shaped highly catalyzed ionic-electronic mixed conducting material to be evenly adhered to at least one side surface of the conductive function type oxygen ion conducting substrate to form a reductive function type oxygen ion conducting layer. The reductive function type oxygen ion conducting layer and the conductive function type oxygen ion conducting substrate are then bonded to produce a composite material type oxygen transport membrane element.