The present invention belongs to the technical field of water treatment, and in particular to a magnetic powder strengthened method for removing nitrate nitrogen and inorganic phosphorus, which includes the following steps: (1) mixing permanent magnetic material powder with paramagnetic Fe3O4 powder, and magnetizing the mixture in a magnetic field to prepare magnetic powder; (2) adding the magnetic powder directly or in a form of granular filler into a water treatment reaction vessel; and (3) allowing the to-be-treated water to enter the water treatment reaction vessel, performing a chemical reaction of removing nitrate nitrogen and inorganic phosphorus in the presence of a reducing agent, and discharging the water after the reaction is completed. By adopting the method of the present invention, a uniform and fine magnetic field can be provided, thus the reaction efficiency is improved, and the process is simplified and the cost is lowered.