The invention relates to a single-phase multi-element rare earth magnesium alloy biodegradable material and a preparation method thereof. The material is prepared from, by weight percent, 0.1%-23.49% of Gd, 0.1%-25.3% of Dy, 0.1%-8.75% of Y, 0.1%-6.2% of Zn, 0.01%-0.6% of Zr and the balance Mg. The provided magnesium alloy biological material is a single-phase solid solution material, the content of a single impurity element influencing the alloy corrosion performance and the total content of the impurity elements are strictly controlled, the influences of precipitated phases and the impurity elements on the alloy corrosion performance are eliminated, and the corrosion resistance, the corrosion evenness and the mechanical property of the material are improved. By means of zone freezing, multi-stage solution treatment and extrusion cooling treatment, a multi-element alloy with a single phase is prepared, all the alloy elements in the alloy exist in the form of an elementary substance and the form of a solid solution state, metal ions can be completely formed in the degradation process to be absorbed by the human body or discharged out of the human body, the problem of difficult degradation of a metal compound is solved, and subsequent recovery and health of patients are facilitated.