The invention discloses a novel magnetic separation system and method capable of automatically adjusting, and belongs to the technical field of petroleum drilling. The novel magnetic separation systemcomprises a feeding pipeline, a magnetic separator, a dynamic shunt mechanism, a magnetic flux dynamic adjusting mechanism and a controller, the dynamic shunt mechanism comprises a filter device, a liquid level monitoring assembly and a circulating tank, the feeding pipeline communicates with the filter device, and the filter device communicates with the magnetic separator and the circulating tank respectively and is used for feeding intact particles obtained by filtering into the magnetic separator for recycling and sending broken particles and partial drilling fluid into the circulating tank for recycling respectively; and a throttle valve is arranged between the filter device and the magnetic separator. The novel magnetic separation system and method have the beneficial effects that self-adaptive dynamic adjustment of the feeding quantity and the magnetic flux can be realized based on the processing quantity, stable operation is ensured, the economic efficiency is improved, and theapplicability of the magnetic separation system is enhanced.