The utility model discloses a pump lubricating oil magnetizing and purifying device, and belongs to the technical field of mechanical maintenance. The pump lubricating oil magnetizing and purifying device is arranged on a pump lubricating oil pool and comprises a plug, an annular magnet and a fixing piece. The plug is fixed to the oil outlet of the pump lubricating oil pool. The annular magnet is arranged outside the plug. The fixing piece penetrates through the annular magnet and is fixed to the plug through the fixing piece. By means of the pump lubricating oil magnetizing and purifying device, iron chips produced in the running process of a pump can be attracted and collected in time, the problems that iron chips enter a gap in a mechanical rotating part together with lubricating oil and cause secondary abrasion to a pump are fundamentally solved, the replacement cycle of lubricating oil is shortened, and the running cost of the pump is reduced; meanwhile, the attraction capacity is high, and therefore fine iron chips can be well attracted and collected.