The invention provides a preparation method and application of magnetic activated carbon, and the preparation method comprises the following steps: step 1, washing, drying and cutting cotton textile waste into pieces to obtain a waste sample; 2, dissolving ferrous chloride in ethyl alcohol to obtain an ethyl alcohol-ferrous chloride solution; 3, placing the waste sample in an ethanol-ferrous chloride solution for sealed impregnation, then moving out the waste sample, and drying the waste sample to obtain an impregnated sample; 4, placing the impregnated sample in nitrogen for pyrolysis, cooling the pyrolyzed product to room temperature, and taking out the pyrolyzed product to obtain a pyrolysis sample; and 5, placing the pyrolysis sample in a hydrochloric acid solution, heating and boilingthe solution, moving out the pyrolysis sample, cleaning the pyrolysis sample, and drying the pyrolysis sample to obtain the magnetic activated carbon. The magnetic activated carbon is used for adsorbing and removing hexavalent chromium in an aqueous solution. According to the preparation method disclosed by the invention, the utilization efficiency of the activating agent is improved, and meanwhile, the magnetic activated carbon with stable magnetism can be prepared through one-step pyrolysis, synchronous carbonization and activation and magnetization, so that the preparation cost is reduced,and the preparation process is simplified.