The invention provides a method for preparing neodymium iron boron through regenerating a waste material containing neodymium, iron and boron. The method comprises steps of (1) preprocessing the waste material; (2) correcting the components of the waste material; (3) crushing by hydrogen; (4) preparing into powder; (5) molding under a magnetic field; and (6) vacuum sintering. The method fully uses the waste material recycled in a production process, has high recovery rate of the waste material, can produce high performance product, has a simple and controllable flow, has high operability, uses no strong acid and strong base polluting the environment, is environment-friendly and energy-saving, and has high social and economic benefits.