Deep learning methods have been increasingly adopted to study jets in particle physics. However, most of these methods use neural networks as black boxes and fail to incorporate Lorentz group equivariance, a fundamental spacetime symmetry for elementary particles. In this article, we introduce LorentzNet, a new symmetry-preserving deep learning model for jet tagging. Experiments on two representative jet tagging benchmarks show that LorentzNet achieves the best tagging performance and improves significantly over existing state-of-the-art algorithms. The preservation of Lorentz symmetry also greatly improves the efficiency and generalization power of the model, allowing LorentzNet to reach highly competitive performance when trained on only a few thousand jets.