The invention provides a method for coating metal magnetic powder on soft magnetic ferrites. According to the method, the metal magnetic powder is mixed with trace micron or submicron soft magnetic ferrites, and then, a coating layer is formed through microwave high-temperature heat treatment. The invention also discloses a method for preparing the metal soft magnetic composite materials by adopting the coating powder. According to the method, the coating powder is subjected to organic matter coating, lubricating agents are added, pressing and forming are carried out, finally, annealing treatment is carried out, and the soft magnetic composite materials are obtained. The method has the advantages that the characteristics of magnetism, high electrical resistivity and high-temperature resistance of ferrite soft magnetic materials are sufficiently used, the two kinds of soft magnetic materials are compounded, non-magnetic substances are less than other kinds of soft magnetic composite materials, and in addition, a higher heat treatment temperature is realized, so that better magnetic performance is realized. The soft magnetic composite materials prepared by adopting the method provided by the invention have higher magnetic conductivity and low loss, the frequency stability is good, the magnetic loss at high frequency is low, in addition, the preparing process is simple, the environment is protected, the operation is easy, the cost is low, and the method is suitable for industrial mass and large-scale production.