The invention relates to magnetic fluorescent microspheres and a preparation method thereof. The particle size of the magnetic fluorescent microspheres is 5-10 mu m, the fluorescence excitation wavelength range is 400-700nm, and the fluorescence intensity is not reduced within 24h. The prepration method comprises the following steps: adding a swelling agent into monodisperse carboxylated polystyrene microspheres, and adding magnetic nano microparticles into a swelling system; shaking on a decolorization shaker for 12-48h; using mixed solution of cyclohexane and ethanol for cleaning sediment, and sequentially carrying out ultrasonic dispersion and centrifugal separation till supernatant liquid is colorless under an ultraviolet lamp; and saving a final sediment product in 1ml of liquor. Compared with the existing magnetic fluorescent microspheres, the magnetic fluorescent microspheres have the advantages of uniform and controllable diameter, good fluorescence stability, simple preparation process, multiple types of fluorescence codes and the like, and can not only carry out fast separation and purification on reactants by being applied in the biological macromolecular detection, but also simultaneously detect a plurality of target molecules in a sample to be detected in a reaction tube and a hole, thereby being widely applied in the fields of immunoassay, nucleic acid hybridization, genotype analysis and the like.