The invention discloses a material of magnetic shape memory alloy and a monocyrstal preparation method thereof. The chemical formula of the magnetic monocyrstal material is that: Ni<50+x>Fe<25-X>Ga<25+y>, wherein X is no more than 2.00 but no less than -2.00, and y is no more than 2.00 but no less than -3.00; x ,y represent the contents of atoms by percent. The monocyrstal preparation method comprises the steps of placing the weighted material in a pot, and adding SiO<2>+B<2>O<3> glass, using lifting method to lead Ni<50+x>Fe<25-X>Ga<25+y> monocrystal to grow. The monocyrstal preparation process of the invention is added with SiO<2>+B<2>O<3> glass, efficiently controlling the second phase which is liable to be generated by NiFeGa material whose ingredients is regulated by the invention inthe process of growing the monocrystal to separate out. In addition, the preparation method provided by the invention is suitable for normal apparatus for lifting the crystal and in no need of additional apparatus, therefore the invention is low in cost and easy in industrial batch production.