Single factor experiment was used to investigate neutral deinking technology of old magazine paper (OMG) by self-compounded NTM-2 deinking agent. Olympus inverted biological microscope were used to research distribution state of ink particles in the secondary pulp before and after deinking treatment. Scanning electron microscopy (SEM) was used to analyze fiber surface changing during neutral deinking and ink particles dispersing behaviors in the paper. The results showed that NTM-2 deinking agent had a good deinking effect to OMG, optimum operation conditions of neutral deinking was NTM-2 0.5%, deinking temperature 50°C, deinking time 40min, repulper time 25s, pulp consistence 1.0%, and floatation time 6 min. Under these conditions, brightness of the deinked pulp increased 8.4%SBD, and the ink removal efficiency reached by 90%. Olympus inverted biological microscope images showed that there were a large number of ink particles in the un-treated pulp, and these ink particles integrated with fibers tightly. After treated by neutral deinking, most of ink particles were separated from the fiber, dispersed and suspended in the pulp evenly. SEM images indicated that there were little ink particles in the secondary paper, the fiber surface turned more smoother, and the clean degree would nearly corresponding to the effect of alkaline deinking.