The invention provides an off-white magnetic absorbing coating material and a preparation method thereof, wherein the coating material comprises, by weight, 20-75% of emulsion, 20-65% of an off-whiteFe3O4 dispersion liquid, 0.05-1% of a preservative, 0.05-1% of a thickener, 0.5-1% of a drier, 0.5-2% of a defoamer, 0.08-1% of a penetrant, 0.1-3% of a dispersant, and the balance of water. Accordingto the present invention, based on the superparamagnetism of the nanoparticles, the off-white magnetic absorbing coating material has magnetic absorption property only under the strong induction of an external magnetic field; the off-white magnetic absorbing coating material can adsorb, suspend and adhere magnetic teaching articles or daily necessities and the like; and the off-white magnetic absorbing coating material combines magnetism and color, the process is simplified, the cost is reduced, and the most suitable color is provided for the user.