The invention provides a bismuth oxyhalide light-emitting material with doped rare earth ions and a preparation method of the bismuth oxyhalide light-emitting material with the doped rare earth ions. The chemical formula of the bismuth oxyhalide light-emitting material with the doped rare earth ions is Bil-x-yEuxReyOM, wherein the x is 0.001-0.5, the y is 0-0.5, the M is one or more of Cl, Br and I, and the Re is any one or more of Tb, Ce, Nd, Dy, Sm, Pr, Lu, Er, Tm, Yb, Gd, Ho and La. The preparation method of the bismuth oxyhalide light-emitting material with the doped rare earth ions comprises the steps that (1) bismuth nitrate, rare earth nitrate and halogenated potassium are weighed, and a solution is prepared; (2) thermal treatment is carried out on the obtained solution to obtain produced materials, washing is carried out, thermal treatment is carried out again, and the bismuth oxyhalide light-emitting material with the doped rare earth ions can be obtained, wherein the chemical formula of the bismuth oxyhalide light-emitting material with the doped rare earth ions is Bil-x-yEuxReyOM. The bismuth oxyhalide light-emitting material with the doped rare earth ions can effectively achieve doping, has the good light-emitting characteristic, and is high in absorption efficiency and excitation efficiency to ultraviolet light and light of the visible light waveband, simple in preparation method, easy to control, low in cost of raw materials and low in resultant temperature of the high-temperature solid state method.