The invention discloses a halogen-free flame retardant light reflection material which comprises the following components in percentage by weight: 70-80% of polycarbonate PC, 10-20% of titanium dioxide, 2-6% of first aid and 1.5-4% of second aid, wherein the first aid is a toughening agent, and the second aid comprises a halogen-free flame retardant, an anti-ultraviolet absorbent and an antioxidant. The material has a good light reflection property and good impact strength and is environment-friendly and flame-retardant. The invention also discloses a preparation method of the halogen-free flame retardant light reflection material suitable for large-scale production. The preparation method comprises the following steps: a) drying the raw material polycarbonate PC for 3-4 hours at 100-120 DEG C; b) premixing the toughening agent, titanium dioxide, halogen-free flame retardant, anti-ultraviolet absorbent and antioxidant according to weight percentage for 2-3 minutes, and mixing the dried polycarbonate PC and premixed material at a high speed for 5-8 minutes for later use; and c) performing melt extrusion and granulation of the mixed material.