The invention relates to a degradable magnesium alloy implanting material for bone fixation and a preparing method of the degradable magnesium alloy implanting material. The implanting material is prepared from, by mass percent, 0.5-4% of Mg, 0.5-4% of Ag and the balance Y. The preparing method of the implanting material comprises the steps of ingot casting metallurgy, extruding, rolling and heat treatment. The prepared implanting material meets the requirement of plates, rods and profiles, wherein the plates, the rods and the profiles serve in biological fluid environments. By means of alloy materials, the good comprehensive mechanical performance needed by bone fixing materials is ensured, the beneficial effects of being capable of inhibiting bacteria, resistant to corrosion, free of cytotoxicity, good in biological mechanical property and the like are achieved, and the alloy materials can be degraded under the biological fluid environments. The implanting material can serve as bone nails or marrow nails or bone fraction plates or other various devices to be used under the medical conditions, and the comprehensive performance is good; and especially, the implanting material has both the biomechanical property and the biodegradable performance at the same time, and the typical defect of existing metal materials of a titanium alloy or stainless steel or high polymer materials in application of the department of orthopaedics is overcome.