The invention provides a rare earth magnetic material with magnetic field controlled deformation and a preparation method thereof, and belongs to the field of shape memory materials.The material has the ability of producing micro deformation under the control of an external magnetic field at indoor temperature or higher temperature.The rare earth magnetic material is the novel rare earth magnetic control shape memory alloy capable of producing stress when martensite twin boundaries are driven by external magnetic field changes at indoor temperature or higher temperature.The chemical formula of the alloy is CoxNiyALzTbj, wherein x is larger than or equal to 27 and is smaller than or equal to 45, y is larger than or equal to 20 and is smaller than or equal to 31, z is larger than or equal to 20 and is smaller than or equal to 34, j is larger than or equal to 0.5 and is smaller than or equal to 8, the sum of x, y, z and j is 100, and x, y, z and j represent mole percentage content.Compared with existing materials, the rare earth magnetic material has the wide field-induced strain range, large field-induced strain and good mechanical property, and has the important application in the fields of micro displacement devices, vibration and noise control, linear motors, microwave devices, robots and the like capable of being used at the temperature higher than indoor temperature.