A method for preparing a Nd—Fe—B-based sintered magnet. The method includes: 1) providing a master alloy and an auxiliary alloy, the master alloy being a Nd—Fe—B alloy ingot or cast strip, the auxiliary alloy being a heavy rare earth alloy; 2) breaking up the master alloy using a hydrogen decrepitation process to yield a crude powder, conducting hydrogen absorption treatment on the auxiliary alloy and breaking up the hydrogenated auxiliary alloy to yield hydride particles; 3) uniformly mixing and stirring the crude powder of the master alloy and the hydride particles of the auxiliary alloy to yield a mixture; 4) milling the mixture obtained in step 3) to yield powders; 5) uniformly stirring the powders obtained in step 4) and conducting orientation forming treatment on the powders, to yield a raw body of a Nd—Fe—B based magnet; and 6) sintering the raw body of the Nd—Fe—B based magnet.