The invention relates to a method and a device for testing magnetic viscosity of magnetic liquid, and the method comprises the following steps: taking a permanent magnet as a magnetic source, and restricting the continuous adjustment of a magnetic field to adjust a magnetic conductive rotating ring to adjust a radial adjustable gap up and down along a rotating shaft, thereby achieving the regulation of magnetic reluctance and magnetic flux of a magnetic loop; and further adjusting the strength of the magnetic field applied on a magnetic liquid material sample, starting a speed-regulating motor, then driving the magnetic conductive rotating ring to rotate through the rotating shaft, leading the magnetic liquid to be acted by shearing, converting to rotational torque and rotational angular speed, measuring the magnetic flux on the magnetic loop through a magnetic fluxmeter and finally calculating the magnetic viscosity and magnetic flux density according to a formula. The testing device comprises the speed-regulating motor, a torque and rotational speed sensor, the rotating shaft, a non-magnetic centering component, a magnetic conductive stationary ring, the magnetic conductive rotating ring, a permanent magnetic ring and the like, wherein the magnetic conductive stationary ring, the permanent magnetic ring and the magnetic conducive rotting ring form the magnetic loop with a constant gap and the adjustable gap, and the constant gap is used for forming the uniform magnetic field for restricting the material sample and applying the shearing force on the material sample. The method and the device can accurately determine the critical working magnetic field, realize the measurement of the low-temperature magnetic viscosity, and provide a basis for optimal design of devices for sealing, damping vibration attenuation and the like, and has the advantages of no impacts on the temperature of the sample, convenient use, small power consumption and the like.