A method for preparing a degradable magnesium-containing calcium phosphate-calcium sulfate porous composite biological scaffold by subjecting a calcined bovine cancellous bone mineral porous scaffold to a treatment using a ternary system containing a magnesium source, a sulfur source and a phosphorus source, taking out and drying, and subjecting to a high-temperature calcination. The degradable magnesium-containing calcium phosphate-calcium sulfate porous composite biological scaffold has good three-dimensional interconnected mesh structure, osteoconductivity, degradability, good mechanical strength and biocompatibility, simultaneously. At the same time, calcium sulfate whiskers with larger length-diameter ratio grow in the mesh, thereby increasing the specific surface area of the material and possibly improve the adhesion of cells. The composite biological scaffold may have potential osteoinductivity due to the effective addition of the osteogenic active ionized magnesium and the calcium sulfate which can produce a local high-calcium environment when degraded.