The relative permeability, coercivity, and remanence of permalloy are closely related to the performance of magnetic shielding devices. In this paper, the relationship between the magnetic properties of permalloy and the working temperature of magnetic shielding devices is measured. Firstly, the measurement method of permalloy properties based on the simulated impact method is analyzed. What is more, a magnetic property test system consisting of a soft magnetic material tester and a high–low temperature chamber for permalloy ring samples at different temperatures was established to measure DC and AC (0.01 Hz to 1 kHz) magnetic properties at different temperatures (−60 °C to 140 °C). Finally, the results show that compared with room temperature (25 °C), the initial permeability (μi) decreases by 69.64% at −60 °C and increases by 38.23% at 140 °C, and the coercivity (hc) decreases by 34.81% at −60 °C and increases by 8.93% at 140 °C, which are the key parameters in the magnetic shielding device. It can be concluded that the relative permeability and remanence of permalloy are positively correlated with temperature, while the saturation magnetic flux density and coercivity are negatively correlated with temperature. This paper is of great significance to the magnetic analysis and design of magnetic shielding devices.