A magnetic moxibustion device includes a moxibustion canister in which a moxa column (5) is hangs through a moxa column mounting base. The moxa column mounting base is mounted on the moxibustion canister in a detachable manner through a magnetic attraction structure. A magnet guiding needle (3) is further disposed in the moxa column mounting base, which passed through the moxa column (5). The magnetic field of the magnetic attraction structure is guided out of the moxibustion canister through the needle (3) and applied to the human body moxibustion application position, so as to perform the moxibustion therapy and the magnet therapy at the same time. A side wall of the moxibustion canister is provided with several air inlets (7) and air outlets (11), so the combustion speed of the moxa column (5) can be adjusted through the size of the air outlets, thereby adjusting the temperature and time of the moxibustion.