The invention relates to a process for manufacturing the molybdenum based rare earth alloy plate and equipment for manufacturing the same, wherein pure molybdenum powder is simultaneously added with four rare earth oxides of ZrO2, Y2O3, La2O3 and Nd2O3 according to certain ratio, by utilizing the chrematistics of long and large crystal grain and strong sag resistance and anti-creep property of rare earth alloy elements and the dispersion strengthening function, the re-crystallization temperature of the metal molybdenum is increased, the mechanical performances of the molybdenum based material such as tensile property, yielding behavior and extensibility are improved, and the application range of the molybdenum based material is widened; and the manufacturing process comprises production procedures of material preparation treatment, mixing treatment, forming treatment, sintering treatment, material making treatment and the like and the setting of various technical parameters of special technical equipment and process. With the preparation process, the molybdenum based rare earth alloy plate which has the advantages of good electric conductivity and heat conductivity, excellent high-temperature resistance and corrosion resistance and better mechanical performances such as tensile property, yielding behavior and extensibility, and fills in domestic blank and can replace the imported material can be manufactured.