A porous carbon material with high specific surface area was prepared from squid ink as carbon source, and a composite material Fe₃O₄/HPBC of Fe₃O₄ and highly porous biomass carbon (HPBC) was prepared by immersion reduction method. The material was used in lithium-ion batteries. At the same time, the effects of different iron ion content and calcination temperature on the electrochemical properties of the composites were also studied. When the prepared Fe₃O₄/HPBC and carbon composite material is used as the negative electrode of lithium-ion batteries, the specific capacities of initial discharge and charge at 0.2 A/g current density are 1 590.0 and 961.0 mAh/g respectively, the coulombic efficiency is 60%, after 300 cycles the capacity without attenuation. After 400 cycles of 5.0 A/g current density, the specific discharge capacity can still reach 484.0 mAh/g, which is higher than the specific discharge capacity of the prepared carbon material electrode, indicating that the Fe₃O₄/HPBC electrode still has good lithium storage performance and cycle stability under large current densities.