A composite material and a foam prepared from the composite material are provided. The composite material includes a network polymer, a fluorine-containing polymer fiber, and a reinforcement fiber. The polymer network is a crosslinking reaction product of a polymer and an oligomer, wherein the polymer is polyamide, polyester, polyurethane, or a combination thereof, and the oligomer is a vinyl aromatic-co-acrylate oligomer with an epoxy functional group. The oligomer has a weight percentage of 1% to 10%, based on the weight of the network polymer. The ratio of the weight of the reinforcement fiber to the total weight of the network polymer and the fluorine-containing polymer fiber is from 1:9 to 4:6.