The invention relates to a method for recovering and reusing an aluminum nickel cobalt permanent magnet alloy waste material, and belongs to the technical field of permanent magnet alloys. According to the adopted technical scheme, the method for recovering and reusing the aluminum nickel cobalt permanent magnet alloy waste material comprises the steps that the aluminum nickel cobalt permanent magnet alloy waste material is pretreated and matched with a new material, the waste material and the new material are smelted together, smelted molten metal is poured in a sand mold for cooling forming,a formed casting is subjected to sand removal, pre-machining, solid solution heat treatment, cooling, tempering heat treatment and finish machining, and thus the finished casting is obtained. The method has the effects of low production cost, high product pass rate and good magnetic performance.