The invention discloses a beryllium containing double phase alpha+beta magnesium-lithium alloy and a processing technology thereof. The alloy is composed of the following components in percentage by weight: 6.0 to 10.0 wt.% of Li, 0.2 to 0.4 wt.% of Be, 1.0 to 3.0 wt.% of Sb, 0.2 to 0.4 wt.% of Cr, 0.1 to 0.2 wt.% of V, 0.2 to 0.4 wt.% of Pb, 0.2 to 0.3 wt.% of Se, and the balance being magnesium.The formula of the alloy is optimized, the melting technology and heat treatment parameters are also optimized, the high temperature phase and strengthening phase of the magnesium-lithium alloy are perfectly matched, and finally the multi-component magnesium-lithium alloy with a strong heatproof performance is obtained. At a room temperature, the magnesium-lithium alloy has the following indexes:yield strength: 120-145 MPa, tensile strength: 170-195 MPa, and elongation rate: 7-12%. At a temperature of 100 DEG C, the magnesium-lithium alloy has the following indexes: yield strength: 120-140 MPa, tensile strength: 165-170 MPa, and elongation rate: 12-16% The alloy melting method is simple, the production cost is low, and the alloy is suitable for industrial large scale application.