A device and method for sputtering and depositing metal on the surface of magnetic powder materials utilizes a vacuum chamber, a vacuum pump set, a magnetron sputtering target, a cathode ion source, a water-cooled anode, and a sample holding component arranged in the vacuum chamber. The sample holding component is a sample roller, an axis of the sample roller is arranged in a horizontal direction, the sample roller can rotate around the axis thereof. Two ends of the sample roller are open, and the sample roller further comprises a power device capable of driving the sample roller to rotate. The cathode ion source and the magnetron sputtering target extend inwards into the sample roller from the opening in the same end of the sample roller. The water-cooled anode extends inwards into the sample roller from the opening in the other end of the sample roller.