The invention discloses a method for preparing cobalt-substituted prealloying powder from regenerated metal. The method comprises the process steps: compounding raw materials, electrolyzing at a room temperature, crushing, screening, detecting and packaging; using the regenerated metal, such as recycled synthetic diamond waste powder accelerant, and the like, as a main raw material; supplementing a suitable amount of metal cobalt and metal iron to an anode basket together; and rinsing, purifying in vacuum after the room-temperature electrolysis step in the process steps and reducing hydrogen at 400 DEG C to 650 DEG C. More than 10 percent of particles in a final product have a sponge appearance, and an electrolyte used in the room-temperature electrolysis step in the process steps can be recycled. The invention has the advantages: 1, the production cost is lower than that of a chemical coprecipitation method by more than 50 percent, and the product quality is stable; 2, the powder appearances comprises the sponge appearance so as to have a large specific surface area; 3, the powder can be applied to laser bonding; 4, the strength is high, and the anti-abrasion performance is good; and 5, the sintering temperature is low, and the range is wide. The method is suitable for being adopted by industrial and mining plants producing the cobalt-substituted prealloying powder.