The invention discloses a preparation method of a halloysite-based soft magnetic ferrite wave absorbing material. The preparation method comprises the following steps: S1, after using ferrous chloride, nickel chloride, aluminum chloride and magnesium chloride as main materials, adding hydrochloric acid, and dissolving the main materials, then adding barium oxide, cerium oxide, titanium oxide and vanadium oxide, and stirring until completely dissolving, thus obtaining a material 1; S2, adding halloysite into an ionic solution, carrying out ultrasonic dispersion, adding the material 1, and uniformly mixing, thus obtaining a material 2; S3, uniformly mixing ammonium hydroxide, 1,3-propane diamine and triethanolamine according to a volume ratio that ammonium hydroxide to 1,3-propane diamine to triethanolamine is (3 to 5) to (1 to 2) to (2 to 3), thus obtaining a mixed alkaline solution; S4, dropwise adding the mixed alkaline solution into the material 2, continuously stirring during a dropwise adding process, rising the temperature to 50 to 70 DEG C after completely finishing dropwise adding, standing and keeping warm, filtering after cooling, and drying, thus obtaining a material 3; S5, carrying out microwave sintering on the material 3 in nitrogen gas, and cooling, wherein nitrogen gas partial pressure and the sintering temperature meet a following relation expression: 1gPnitrogen gas equals to k-1454/(T+273). According to the preparation method disclosed by the invention, the wave absorbing performance of a ferrite material is increased, the density is small, the weight is light, and actual using requirements are met.