The High Precision Magnetometer (HPM) on board the China Seismo-Electromagnetic Satellite (CSES) allows highly accurate measurement of the geomagnetic field; it includes FGM (Fluxgate Magnetometer) and CDSM (Coupled Dark State Magnetometer) probes. This article introduces the main processing method, algorithm, and processing procedure of the HPM data. First, the FGM and CDSM probes are calibrated according to ground sensor data. Then the FGM linear parameters can be corrected in orbit, by applying the absolute vector magnetic field correction algorithm from CDSM data. At the same time, the magnetic interference of the satellite is eliminated according to ground-satellite magnetic test results. Finally, according to the characteristics of the magnetic field direction in the low latitude region, the transformation matrix between FGM probe and star sensor is calibrated in orbit to determine the correct direction of the magnetic field. Comparing the magnetic field data of CSES and SWARM satellites in five continuous geomagnetic quiet days, the difference in measurements of the vector magnetic field is about 10 nT, which is within the uncertainty interval of geomagnetic disturbance.