The invention provides a magnetic Prussian blue pigment. The novel magnetic Prussian blue pigment with high chrominance and luminance is prepared by coating a ferrite layer on one or more of native mica, synthetic mica, glass sheets, silica sheets, aluminum oxide sheets, ferric oxide sheets, boron nitride sheets, bismuth oxychloride sheets and metal or metal-oxide-coated product of the sheet materials, and coating Prussian blue (Fe4[Fe (CN)6]3) on the substrate coated with the ferrite layer. The pigment is widely used in paint, cosmetics, printing ink, plastic, leather and other industries.