The invention relates to a first-order buoyancy principle based magnetic liquid damping shock absorber with magnetic shielding covers, belongs to the field of mechanical engineering vibration, and successfully solves the problem that the existing magnetic liquid damping shock absorbers cannot be applied in engineering practice due to various structural problems. The absorber comprises a first permanent magnet (1), a housing (2), a mass (3), an end cap (4), a second permanent magnet (5), magnetic fluid (6), an upper magnetic inner sleeve (7), an upper magnetic shielding outer sleeve (8), a lower magnetic inner sleeve (9) and a lower magnetic shielding outer sleeve (10). When the external vibration occurs, a non-magnetic ball moves in a chamber, the magnetic fluid flows in a recess of the housing (2) to absorb energy, first-order buoyancy formed within the magnetic fluid by the first permanent magnet (1) and the second permanent magnet (5) allows frequency difference to be formed between the mass (3) and the housing (2), so that the maximum vibration damping efficiency is achieved, and the upper and lower magnetic shielding covers effectively prevent magnetic flux leakage of the permanent magnets.