The invention relates to magnetic black iron oxide. A preparation process of the magnetic black iron oxide comprises the following steps of: (1), putting the mixture of ferric salt and ferrite into a container, adding a certain amount of water, and preparing a solution with the iron ion concentration of 1.0-2.0 mol/L; (2), adding ethanol and oleic acid into the container; (3), adjusting the pH of the solution in the container by using ammonia water till the pH is 1.0-1.4, and then, adjusting the pH by using liquid caustic soda till the pH is 7.4-8.1; (4), increasing the temperature of the container filled with a mixed solution after adjusting the pH; (5), filter-pressing, rinsing, drying and crushing at the beginning of increasing the temperature after reacting for 0.8-1.5 hours, and then obtaining the finished product. Because of adopting the technical scheme, the preparation process is lower in reaction temperature and shorter in process period; furthermore, the prepared finished product is higher in purity; the production energy consumption is reduced; the production cost is saved.