The invention discloses magnetic glass ceramic which is prepared from iron tailings and CRT (Cathode Ray Tube) glass as main raw materials by firstly, pretreating the iron tailings so as to obtain amorphous phase iron tailing powder, further mixing with the CRT glass powder, and sintering the mixture. According to the magnetic glass ceramic, the iron tailings and waste CRT glass are adopted as main raw materials, Fe2O3 powder is firstly added into the iron tailings, and the amorphous phase iron tailing powder is prepared by using a high-temperature melting treatment process, so that formation of magnetic mineral phase in the magnetic glass ceramic is promoted, the magnetism of the prepared magnetic glass ceramic can be remarkably improved, the saturated magnetic sensation intensity of the magnetic glass ceramic is 0.01-10emu/g, the coercive force of the magnetic glass ceramic is 10-300Oe, and remarkable soft magnetism is achieved; in addition, a preparation method of the magnetic glass ceramic is simple in preparation process, high in iron tailing utilization rate and low in production cost, and a novel way is provided for production of magnetic functionalized glass ceramic.