The invention relates to a quaternary composite rare earth tungsten alloy electrode material. The material comprises the following raw material of, in percentage by weight, 1.0% to 1.5% of lanthanum oxide, 0.1% to 0.3% of zirconium oxide and yttrium oxide, 0.3% to 0.5% of cerium oxide, 2% to 2.5% of rare earth oxide and the balance tungsten oxide. The specific preparation method comprises the procedures of solid-liquid doping, secondary reduction, isostatic cool pressing, sintering, rotary swaging, wire drawing, straightening, cutting, and polishing and burnishing. According to the method, thequaternary rare earth tungsten electrode is prepared by considering the excellent properties of low electron work function, easiness in arcing, slow growth of tip grains, long service life, large bearing current and the like of a lanthanum tungsten electrode and also considering the characteristics of slender arc beam, deeper fusion depth and high welding strength during medium and large currentwelding of the yttrium-tungsten electrode, and due to the good corrosion resistance of zirconium and the small arcing current and easy arcing of cerium tungsten, lanthanum, yttrium, zirconium and cerium are mutually considered in the electrode, so that good comprehensive performance is obtained.