The invention relates to a semi-hard magnetic material, which contains iron, nickel, boron and silicon, and the mass percentages of each element are 55-65%, 22-32%, 1-8% and 1-8% respectively. A method for preparing a semi-hard magnetic material: 1) putting iron, nickel, boron, and silicon into a steelmaking furnace, the mass percentages of iron, nickel, boron, and silicon being 55-65%, 22-32%, 1-8%, 1-8%, steelmaking temperature 2700-3200°C, smelting for 1.5-2.5 hours, tapping temperature 2000-2500°C; 2) Spraying the molten alloy obtained in step 1), the speed of the spraying roller 700-900 rpm, spray molten alloy on the circumferential surface of the high-speed rotating belt spray roller, protected by argon, until the alloy on the surface of the roller is solidified to form an alloy sheet, and the alloy sheet is removed from the surface of the roller. The semi-hard magnetic material prepared by the method of the invention has high material utilization rate and low cost.