The invention discloses an SPIO labeled pH sensitive drug-carrying liposome which is prepared from the following components in parts by mass: 1-10 parts of bulk drugs, 1-50 parts of phosphatidyl ethanolamine, 1-30 parts of cholesterol, 1-30 parts of linoleic acid, 0-10 parts of carboxymethyl chitosan, and 0-10 parts of superparamagnetic iron oxide nanoparticles. The invention further discloses a preparation method of the SPIO labeled pH sensitive drug-carrying liposome. The preparation method comprises the following steps: S1, placing phosphatidyl ethanolamine, cholesterol and linoleic acid ina flask, adding chloroform for dissolving, adding a water soluble drug solution for ultrasonic treatment to form a W / O emulsion; S2, evaporating to a gel state under the pressure reduction condition;adding a buffering solution, and continuously evaporating to form an aqueous suspension; S3, adding the superparamagnetic iron oxide nanoparticles and performing freeze thawing on a liposome suspension for three times; and centrifugally removing the superparamagnetic iron oxide nanoparticles and the water soluble drug not in the aqueous suspension; and S4, adding a carboxymethyl chitosan solutionfor hydration.