Disclosed are a method for separately preparing light magnesium oxide and calcium oxide by using dolomite and an application thereof in preparation of a calcium-magnesium composite expanding agent. In the method for preparing light magnesium oxide and calcium oxide, based on the difference in decomposition temperature between magnesium carbonate and calcium carbonate during the calcination and decomposition of dolomite and the difference in the weight of the materials after decomposition, the effective separation of magnesium oxide and calcium oxide is realized by a one-step method, thus separately preparing light magnesium oxide and light calcium oxide. The calcium-magnesium composite expanding agent is prepared by using the foregoing light magnesium oxide and calcium oxide. On the one hand, the present invention solves the problem of the limited origin of the light magnesium oxide raw material of the magnesium expanding component in the calcium-magnesium composite expanding agent.