The invention relates to a preparation method of a sintered samarium-cobalt magnet. The preparation method comprises the steps that alloy powder is prepared, wherein samarium-cobalt alloy raw materials are prepared, by weight, 25%-27% of (Sml-xRx), 6%-25% of Fe, 2%-3.5% of Zr, 3%-8% of Cu and the balance Co, 0<=x<=0.9, R is one or more of Ce, Pr, Nd, Gd, Tb, Dy, Ho and Er, and the samarium-cobalt alloy raw materials are subjected to smelting, casting and mechanical crushing and then subjected to an oxygen supplementary flow powder grinding technique to prepare the alloy powder; 2, leftover materials and waste materials which have the components similar to those of the alloy powder are subjected to cleaning, crushing and conventional air flow powder grinding and then fully mixed with a lubricant to prepare auxiliary material powder; 3, the materials are mixed, wherein the alloy powder and the auxiliary material powder are mixed in proportion to prepare samarium-cobalt alloy powder; 4, magnetic field molding and isostatic pressing are conducted to prepare a green body; and 5, sintering, solid solution and aging processing is conducted, and the samarium-cobalt magnet is prepared. The sintered samarium-cobalt magnet prepared through the method has the good mechanical performance and has the bending strength higher than 100 MPa.