The invention discloses a preparation method for a wave absorbing material with high magnetic conductivity. The method comprises the steps that (1) iron-base alloy powder is prepared; (2) the iron-base alloy power is treated by mixing and ball milling, so flat wave absorbing powder is obtained; and (3) a binder is added into the flat wave absorbing powder for mixing, and a target product is obtained after compression shaping, wherein the treatment of stirring and ball milling is conducted under a temperature field. By the method, ball milling efficiency can be increased effectively; an annealing step after the ball milling is simplified; surface roughness of the alloy powder is improved; finally, evenness of the shaped flat wave absorbing powder and stability of electromagnetic performance of the wave absorbing material are ensured; and the method is applicable to large-scale industrialization.