The invention provides a magnetic biochar composite material preparation method based on microalgae. The preparation method at least includes the steps: firstly, adding microalgae and water in a hydrothermal reaction kettle to prepare a microalgae suspension; then successively adding an iron salt, an organic acid and a catalyst in the microalgae suspension, sealing, and then introducing a protective gas to displace air in the reaction kettle; placing in an oven, and carbonizing, to prepare a magnetic biochar composite material having the advantages of stable structure, controllable morphology, stronger magnetism and easy magnetic separation and having the surface rich in carboxyl functional groups. Compared with the prior art, by adding a small amount of the organic acid and the catalyst, the hydrothermal 'one-step method' is carried out to achieve primary biomass green preparation of the Fe3O4 magnetic biochar composite material, and the method is simple to operate, economic, efficient, and friendly to the environment, and has a relatively great potential application value.