The invention provides a preparation method of pneumatic atomizing rapid condensation magnetic abrasive material. The preparation method includes the following steps: (1) pneumatic atomizing rapid condensation powder preparation equipment is improved, a high pressure air current nozzle adopts ceramic high-abrasive material, a powder mixing device is added in a gas circuit, so that the high pressure air current is mixed with hard abrasive material powder before ejecting and gas-solid two-phase flow is formed; metal material with strong soft magnetism is adopted as organism material of magnetic abrasive material and is heated to be in molten state; (2) a high pressure air current switch is turned on, so that the gas-solid flow is ejected from the high pressure air current nozzle, an electric furnace is operated to cause the organic material in molten state to be ejected from a liquid metal nozzle; at the moment after the organic material is ejected, hard abrasive material powder is forced to be injected under the action of the high pressure gas-solid flow, the organic material containing the hard abrasive material powder is rapidly atomized into micro drops, and rapid cooling is carried out, thus obtaining granular magnetic abrasive material powder. The invention has high production efficiency and low cost, and the prepared magnetic abrasive material has good performances, thus being applicable to batch production.