The present invention discloses a quaternary hybrid magnetic composite functional material and a preparation method thereof. The composite material is a quaternary hybrid of Ag@AgX, reduced graphene oxide and magnetic nanomaterials. First, the surface of the rGO is sequentially in situ deposited with Fe3O4, MnFe2O4, ZnFe2O4, CoFe2O4 and other iron-based magnetic nanomaterials and grown with AgX precipitate so as to obtain rGO/MFe2O4/AgX ternary complex nanomaterials; and then the ternary complex nanomaterials are exposed to a mercury lamp to obtain the quaternary hybrid magnetic composite material rGO/MFe2O4/Ag@AgX. The material not only has the magnetically responsive property and externally applied magnetic field controllability of magnetic particles, the high adsorption performance, electrical conductivity and other properties of graphene nanomaterials, the photocatalytic property of plasma material Ag@AgX, but also has the surface enhanced raman spectroscopy activity of Ag particles, and the synergistic effect between Ag@AgX and graphene materials enhances the photocatalytic property of Ag@AgX and the SERS activity of Ag, so that the detection limit of the substance to be detected is increased. The material has great potential application value on one-step concentration, magnetic separation, SERS detection and in situ photocatalytic degradation and other aspects of low concentrations of benzene ring organic pollutants in water.