Diagonal and transition magnetic moments of the negative parity, spin-1/2 heavy baryons are studied in the framework of the light cone QCD sum rules. By constructing the sum rules for different Lorentz structures, the unwanted contributions coming from negative-to-positive (positive-to-negative) parity transitions are removed. It is obtained that the magnetic moments of all baryons, except Lambda(0)(b), Sigma(+)(c), and Xi(c)'(+), are quite large. It is also found that the transition magnetic moments between neutral negative parity heavy Xi('0)(Q) and Xi(0)(Q) baryons are very small. Magnetic moments of the Sigma(Q) -> Lambda(Q) and Xi(Q)'(+/-) -> Xi(+/-)(Q) transitions are quite large and may be measured in further experiments.