The invention belongs to the technical field of viscous-elastic materials, and particularly relates to a viscous-elastic material with significant changes in damping controlled by a magnetic field. The invention further provides a preparation method of the viscous-elastic material. The viscous-elastic material is characterized in that the viscous-elastic material is prepared from polyhydric alcohol, magnetic particles, diisocyanate, a reinforcing agent, an organo-metallic catalyst, an accelerant and a stabilizing agent. The viscous-elastic material is good in adjustability, can work in a vibration reduction mode requiring high loss capability and a large loss factor and also work in a vibration isolation mode requiring a small loss factor according to the requirements of a vibration reduction and isolation device, and can be applied to vibration, impact and noise control isolation devices in the field of vehicles, machines, aviation, aerospace, shipping and coasts, construction, etc.