A novel special magnetic separator was developed based on the special properties of precious metal-bearing alloy in high-grade nickel matte. The recovery of Au, Pt, and Pd was 77.79%, 84.79%, and 81.79% respectively at optimum operation conditions of magnetic separator feed of 2.5t/h, pulp density of 45%, and flush water of 1.5t/h, and the recovery significantly improved comparing with normal magnetic separator. Magnetic field simulation of the special magnetic separator indicates that magnetic intensity of 0.6 T can be generated on the surface of magnetic drum, which can strengthen the recovery of heavy alloy that contains precious metals. The alternate strong and weak magnetic field can also make magnetic particles rolling on the surface of drum, which will reduce the generation of magnetic agglomeration to a large extent and decrease the content of impurities in magnetic concentrate.