The invention provides a layered perovskite multiferroic material which is prepared by performing a ball milling for a bismuth layered perovskite ferroelectric material and a magnetic material containing transition metal elements, and then mixing, drying and sintering, wherein the bismuth layered perovskite ferroelectric material has a molecular formula (Bi2O2)<2+>(An-1BnO3n+1)<2-> as shown in a formula I, A is selected from any one or several of Na, K, Ca, Sr, Ba, Pb, Bi, La, Y, Gd and Pr, B is selected from any one or several of Ti, Nb, W and Ta, and n is positive integers. According to the invention, the bismuth layered perovskite ferroelectric material is inserted with magnetic transition metal elements, so as to prepare the multiferroic material, thereby effectively inhibiting electric leakage phenomena common in the magnetic materials and at the same time improving ferroelectric properties; and by together inserting different magnetic ions into interlayer of ferroelectric, different magnetic ions can be fully coupled, thereby improving ferromagnetic properties of the materials.