A new biocompatible apatite-wollastonite magnetic glass ceramic has been synthesized via sol-gel process. Characteristics of the materials were determined with differential thermal analysis (DTA), X-ray diffraction (XRD), scan electron microscopy (SEM), energy dispersive spectrum (EDS), inductively couple plasma atomic emission spectroscopy (ICP-AES), vibrating sample magnetometer (VSM) and so on. Results showed that the main crystalline phases of the material were hydroxyapatite/fluoroapatite [Ca10(PO4)6(OH, F)), beta-wollastonite[beta-CaSiO3] and calcium europium oxide silicate Ca2Eu8[(SiO4)6O2]. The magnetization of the sample contanining 2% Eu2O3 in weight reached 2.18 emu/g for an applied field of 10 000Oe. Hydroxyapatite layer could form on the surface of the sample while soaking for 14 days in simulated body fluid. Good bioactivity was demonstrated. So it is a potential bone repairing material as well as a hyperthemia treatment material for pateints with cancer.