NOVELTY - Preparing lithium iron phosphate material involves utilizing steel industry by-product ferric oxide as iron source, phosphorus source, lithium source, carbon source, polyvinyl alcohol and ammonium metavanadate, where the lithium source is selected from lithium dihydrogen phosphate or lithium carbonate, and the carbon source is sucrose. Ferric oxide, lithium dihydrogen phosphate, lithium carbonate, ammonium metavanadate and sucrose are added to the water to obtain a slurry. The obtained slurry is stirred and ground to obtain the grain diameter less than or equal to 1.5 millimicron.    USE - Method for preparing lithium iron phosphate material (claimed).    ADVANTAGE - The method enables to prepare lithium iron phosphate material has improved physical and electrical properties of lithium iron phosphate material.    DETAILED DESCRIPTION - Preparing lithium iron phosphate material involves utilizing steel industry by-product ferric oxide as iron source, phosphorus source, lithium source, carbon source, polyvinyl alcohol and ammonium metavanadate, where the lithium source is selected from lithium dihydrogen phosphate or lithium carbonate, and the carbon source is sucrose. Ferric oxide, lithium dihydrogen phosphate, lithium carbonate, ammonium metavanadate and sucrose are added to the water to obtain a slurry. The obtained slurry is stirred and ground to obtain the grain diameter less than or equal to 1.5 millimicron. The ground material is stirred and subjected for fine grinding to obtain the grain diameter less than or equal to 3 millimicron. The ground material is dried to obtain carbon content 2-5.5 wt.% and then the dried material is sintered in inert gas atmosphere at 600-900 degrees C for 4-15 hours to obtain carbon content 1.5-4.5 wt.%. The sintered material is mixed with polyvinyl alcohol or sucrose, polyethylene alcohol and water and then the obtained material is stirred to obtain material slurry. The material slurry is subjected to fine grinding in superfine mill. The ground material is dried to obtain carbon content 2-5.5 wt.% and then the dried material is sprayed and dried after sintering in inert gas atmosphere at 600-900 degrees C for 4-10 hours to obtain carbon content 1.5-4.5 wt.%.