The present invention discloses rare earth-bonded magnetic powder and a preparation method therefor. The bonded magnetic powder is of a multilayer core-shell structure, and comprises a core layer and an antioxidant layer (3), wherein the core layer is formed by RFeMB, R is Nd and/or PrNd, and M is one or more of Co, Nb, and Zr; and the core layer is coated with an iron-nitrogen layer (2). In addition, the present invention also discloses the preparation method for the rare earth-bonded magnetic powder and a bonded magnet. The oxidation and corrosion of magnetic raw powder during phosphorization and subsequent treatment process are effectively prevented, thereby further improving the long-term temperature resistance and environmental tolerance of the material.