The invention relates to a preparation method of magnetic graphene, in particular to a chemical preparation method of magnetic graphene. The preparation method aims at solving the problems of the existing synthesis method that the reaction process is toxic and harmful to the environment, large-scale production cannot be realized, the morphology, size and magnetism of magnetic nanoparticles in the magnetic graphene are not controllable and the magnetic graphene cannot be dispersed in water. The chemical preparation method comprises the steps of: 1) preparing aminated Fe3O4 magnetic nanoparticles; 2) preparing graphene; and 3) preparing magnetic graphene through chemical reaction. The chemical preparation method of the magnetic graphene has the advantages that the high temperature and the high pressure are not required, the equipment is simple, the process cost is low, the environment is protected, no pollution is caused, the grain size of the synthesized magnetic nanoparticles is uniform, the controllable growth of the magnetic nanoparticles can be realized by changing reaction conditions, the solubility of the synthesized magnetic graphene is 0.8-1.2mg/ml, the magnetic graphene can be stably dispersed in water and sediment does not occur within 1-2 months. The graphene prepared by adopting the method can be used in biomedical, energy, electronic fields and the like.