The invention discloses a bonded magnet and a preparation method thereof. The magnet includes magnetic powder, an inorganic binder, a lubricant and metallic powder. The preparation method of the bonded magnet includes: mixing the magnetic powder, the inorganic binder, and a solvent to form a magnetic powder mixture. The inorganic binder is any of silicate, phosphate, sulfate and borate, or a mixture of two or more than two of the silicate, phosphate, sulfate and borate; the metallic powder is any of Cu powder, Al powder, Zn powder, copper alloy powder, aluminum alloy powder, and zinc alloy powder, or a mixture of two or more than two of the Cu powder, Al powder, Zn powder, copper alloy powder, aluminum alloy powder, and zinc alloy powder. According to the method, magnetic powder covering is performed through the inorganic binder, and then the problem that the magnetic powder covered by an organic binder is poor in fluidity at a high temperature, so the pre-compressed magnetic powder cannot be evenly and stably filled in a die cavity, and cannot be filled in a thin wall die cavity even can be solved; and the inorganic binder can allow high shape preserving ability of a formed blank at the high temperature, and the formed blank can be directly released from the die when the formed blank is not cooled, and the production efficiency is improved.