The invention discloses equipment for preparing atomized quick-setting magnetic abrasive, which consists of two parts: an atomizing part and an air flow powder feeding and mixing part. An atomizing device comprises a metal melting electric furnace, a crucible, a discharge spout, a jet nozzle, an atomizing chamber, cooling water, a powder collecting container and an exhausting and dedusting mechanism. An air flow powder feeding and mixing device comprises air flow powder feeding mechanism and an air flow powder mixing mechanism, wherein the powder mixing mechanism comprises a high-pressure air inlet pipe, a powder feeding mechanism, a discharging pipe, a jet pressure control valve, a jet pressure meter and a flow mixing pipe; and the powder feeding mechanism comprises a feed control valve, an air inlet, a balance air inlet pipe, a balance valve, a balance pressure meter, a feed tank, a spray valve, a spray air inlet pipe, a spray pressure meter, a round pipe casing, a jet pressure control valve, a balance valve, a spray valve, a round pipe casing, a spray air pressure meter, a balance air pressure meter and a jet pressure meter. By forcefully combining ferromagnetic metal with low compatibility and hard abrasive, high-performance magnetic abrasive which has high magnetoconductivity, high grinding force, controllable particle size, high structural strength, spherical structural form and long service life is prepared.