The invention provides an anti-fake element with a magnetic field controllable optical variable effect. Microcapsules are randomly distributed in the anti-fake element and contain a magnetic field controllable magnetic optical variable material, which can be granular, rodlike, flaky or in other shape. The magnetic material can be controlled by an external magnetic field and can be directed. After orientation, the magnetic material can show image information like rolling effect of a light bar. By means of the anti-fake characteristics of the anti-fake element provided by the invention, authenticity of prints can be identified, and during identification, only through a simple magnetic field like the magnetic field on a mobile phone, a simple magnet, an electromagnetic device and even a magnetic imprint, the authenticity can be identified.