The present disclosure discloses a permanent magnetic material comprising an Nd—Fe—B alloy and an additive including at least a cobalt ferrite, and a method for preparing a permanent magnetic material. The method comprises steps of mixing an Nd—Fe—B alloy and an additive including at least a cobalt ferrite to obtain a mixture; magnetically orienting and pressing the mixture in a magnetic filed; and sintering and tempering the mixture under the protection of vacuum or an inert gas.