A foundry dust compound reinforcing filler for natural rubber contains 40-80 parts by weight of foundry dust, 10-40 parts by weight of silica and 10-40 parts by weight of Carbon black. A method for preparing a foundry dust compound reinforcing filler for natural rubber includes the steps of sieving, iron removal, pickling, precipitation, primary grinding, mixing, secondary grinding, granulation and the like. The foundry dust compound reinforcing filler used for reinforcing natural rubber is easy to disperse in natural rubber. The compound reinforcing filler has excellent reinforcing effect, which realizes the resource utilization of casting dust waste and reduces the consumption of silica and carbon black.