The invention discloses a rare earth cobalt nickel-base low-temperature amorphous magnetic refrigeration material and a preparation method thereof. The material general formula is (HoaErbTmc)60CoxNiy, wherein a is 0-1, b is 0-1, c is 0-1, the sum of a, b and c is equal to 1, x is 14-28, y is 12-26, and the sum of x and y is equal to 40. The preparation method comprises the following steps that materials are prepared, specifically, rare earth is slightly excessive; the materials are smelted under the inert gas condition to be completely melted, natural cooling is conducted after heat preservation, repeated smelting is conducted, and alloy ingots with uniform components are obtained; after the surfaces of the alloy ingots are cleaned up, the alloy ingots are crushed into small-block alloy ingots; and an induction smelting melt-spinning device is adopted, the ingots are completely melted under the inert gas condition, melt-spinning is conducted after heat preservation, and the low-temperature amorphous magnetic refrigeration material is obtained. The low-temperature amorphous magnetic refrigeration material has the large magnetic entropy change near the magnetic transition temperature of the low-temperature amorphous magnetic refrigeration material, is low in cost and simple in preparation method, has good magnetic and thermal reversible properties and has good application prospects in the field of low-temperature magnetic refrigeration.