The invention discloses a two-step kneading and squeezing production technology of offset printing magenta ink. The technology comprises the following steps: adding 50-80% of a filter cake pigment into a kneader at 30-40 DEG C, stirring the filter cake pigment for 1-30 min, slowly adding 50-80% of an oily binder, stirring the filter cake pigment and the oily binder for 1-30 min, pouring out obtained water when separated water becomes transparent, adding the remaining filter cake pigment at 40-60 DEG C, stirring the obtained material and the filter cake pigment for 1-30 min, slowly adding the remaining oily binder, continuously stirring the material, the filter cake pigment and the oily binder for 1-40 min, pouring out water when the separated water becomes transparent, heating the obtained material to 70-150 DEG C, carrying out vacuum dehydration stirring for 20-60 min, rolling the obtained base ink in a three-roller machine 1-2 times, and adding an assistant to obtain the ink. The water-containing pigment filter cake is directly processed in the invention, so energy saving and environmental protection are realized, and the production efficiency is improved; and high temperature color development in a vacuum state make the hue, the transparency and the fluidity of the ink substantially improved.