The invention discloses a device and method for forming small-diameter flanging holes in an aluminum alloy plate through magnetic pulses, and belongs to the field of metal plate part plastic forming and manufacture. The device and method solve the problems that when the flanging holes are formed in the aluminum alloy plate through an existing magnetic pulse forming technology, the service life of a coil is short, damage easily happens to the machined workpiece, a plurality of flanging and forming procedures exist when a steel die is adopted, and the forming quality is not stable. A coil wire turn is packaged in a coil framework, a flanging female die is fixed to a bottom plate, the upper section of a positioning ring and the lower section of the positioning ring are arranged in a columnar magnetic trap and the flanging female die, a magnetic trap limiting ring is arranged on the upper end face of the columnar magnetic trap, the solenoid coil is arranged on the outer side wall of the columnar magnetic trap and the outer side wall of the magnetic trap limiting ring in a sleeved mode, and a longitudinal seam is formed in the side wall of the columnar magnetic trap. An upper pressing plate is arranged on the upper end face of the magnetic trap limiting ring and the upper end face of the coil framework. The aluminum alloy plate is arranged between the flanging female die and the coil framework, and two output ends of a magnetic pulse control circuit are connected with two wiring terminals of the coil wire turn. The device and method are used for forming the small-diameter flanging holes in the aluminum alloy plate through magnetic pulses.