The invention belongs to the technical field of surface finishing processing of mechanical parts. In order to solve the problems that during traditional magnetic abrasive particle preparation, an abrasive grain phase and a magnetic medium phase are mixed unevenly, and crushing is very hard, the invention provides a method for preparing magnetic abrasive particles through a sol-gel method. Carbonyliron powder, citric acid and distilled water are mixed to prepare a solution, the solution is dried, and dried powder is ground into iron-based particles; aluminium isopropoxide is dissolved in deionized water, HNO3 is dropwise added into an aluminium isopropoxide aqueous solution, after dropping is completed, water-bath heating and stirring are conducted to form alumina sol; the dried ground iron-based particles are added into the alumina sol, stirring is conducted to form iron-based alumina sol, and after ageing is conducted at a room temperature, drying is conducted in a drying box to formthe Fe-AlOOH magnetic abrasive particles. A process is simple, easy, fast and convenient, and the magnetic abrasive particles are smaller in particle size; crushing and screening are not needed; theperformance of the abrasive particles is improved, and the service life of the abrasive particles is prolonged; the particles are small, the process is simple, crushing is not needed, the magnetic response performance is good, the cost is low, and recovery is easy.