The invention provides a suspended anode and a magnetron sputtering device with the suspended anode. The suspended anode comprises an anode main body, sealing insulating pieces and a wire, wherein the inside of the anode main body is of a hollow structure; the anode main body consists of an anode part and two anode main body supporting ends; the anode part comprises a horizontal part and two vertical parts communicated with the horizontal part respectively; one of the two anode main body supporting ends is connected with one of the vertical parts, and the other anode main body supporting end is connected with water pipes respectively; cooling water flows into the anode main body from one water pipe and flows out of the anode main body from the other water pipe; the sealing insulating pieces are arranged at the anode main body supporting ends in a sleeving manner and are hermitically connected with openings of a vacuum cavity of the magnetron sputtering device; one end of the wire is connected with one anode main body supporting end, and the other end of the wire is connected with a magnetron sputtering power supply. According to the suspended anode and the magnetron sputtering device with the suspended anode, a large quantity of overflowing electrons can be absorbed by the anode, so as to prevent the problem of extremely high temperature, caused by attack of the electrons to a substrate, of the substrate.