The invention belongs to the field of magnetic materials and relates to a material capable of regulating and controlling magnetism and related magnetic effects through bending or twisting, a preparation method of the material and application of the material. The chemical formula of the material is Ni50-aCoaMn35-bFebXc, wherein a is larger than or equal to 12 and smaller than or equal to 17, b is larger than or equal to 0 and smaller than or equal to 10, c is larger than or equal to 5 and smaller than or equal to 20, and X comprises Sn, Ga, In, Si, Ge, Ti, Zr, Hf, V, Nb and Ta. The preparationmethod of the material comprises the following steps of: carrying out electric arc melting on high-purity raw materials to obtain a NiMi-based alloy block; and carrying out melt rapid quenching on theblock under vacuum to obtain a phase-change thin strip material. According to a method for regulating and controlling magnetism by applying isostatic pressure in the prior, the effect of the method is single, the controllability of the method is poor, the pressure applying mode of the method is complex, and the application of the method is limited. With the preparation method of the invention adopted, the above problems in the prior art can be solved; the obtained phase-change alloy thin strip can show large magnetic regulation and control and large magnetocaloric effects near the room temperature, can be effectively applied to a magnetic refrigeration process, and can achieve strain output through bending or twisting; and therefore, the magnetism and related magnetic effects of the phase-change alloy thin strip are regulated and controlled, and the application prospect of the phase-change alloy thin strip is effectively expanded.