Diagonal and transition magnetic moments of the negative parity, spin-1/2 heavy baryons are studied in framework of the light cone QCD sum rules. By constructing the sum rules for different Lorentz structures, the unwanted contributions coming from negative (positive) to positive (negative) parity transitions are removed. It is obtained that the magnetic moments of all baryons, except $Lambda_b^0$, $Sigma_c^+$ and $Xi_c^{prime +}$, are quite large. It is also found that the transition magnetic moments between neutral negative parity heavy $Xi_Q^{prime 0}$ and $Xi_Q^0$ baryons are very small. Magnetic moments of the $Sigma_Q to Lambda_Q$ and $ Xi_Q^{prime pm} to Xi_Q^pm$ transitions are quite large and can be measured in further experiments.