The invention provides a preparation method of a magnetic fluorescent material. Ethylene glycol, Fe<3+> and europium ions are uniformly mixed, NaOH is added, then paraffin is added, the mixture is sufficiently stirred and left to stand in a reactor at 250 DEG C for 10 h or longer, and the magnetic fluorescent material is obtained. The magnetic fluorescent material prepared with the method is a nanoscale material and is synthesized with a hydrothermal method by one step, and the method is simple and easy to use. The prepared material has both a fluorescent characteristic and a superparamagnetic characteristic.