The invention relates to a permanent magnet platinum group metal supported catalyst and application thereof to an energy doubler of an engine fuel. A method for preparing the permanent magnet platinum group metal supported catalyst comprises the following steps of: machining a neodymium-iron-boron neutral alloy material containing 25 to 50 percent of neodymium element into a cylinder which has a diameter phi of 13mm and length of 9mm and serves as a catalyst support; performing anti-oxidation surface treatment on the support; preparing acidic catalyst steeping liquor by using a platinum group rare earth material as a catalyst, wherein the platinum element in the steeping liquor is 0.01 to 0.2 percent, the rhodium element is 0.01 to 0.15 percent and the pH is adjusted to be equal to 4 by using oxalic acid; soaking the support in the steeping liquor, leaching and drying the support, placing the support in a muffle furnace and roasting the support to firmly attach the catalyst to the surface layer of the support so as to form the platinum group metal supported catalyst with catalytic function; and plating metal on the outer surface of the catalyst and magnetizing the catalyst to prepare the permanent magnet platinum group metal supported catalyst with high penetrating permeation capacity and extremely high catalytic energization function. A new method is provided and the aims of saving energy, reducing emission and reducing waste for the combustion of the engine, enhancing the power of the engine and clearing off the carbon deposition of the engine are fulfilled by performing the catalytic energization on the engine fuel.