The invention relates to a magnesia-alumina-silica -lithium rare earth alloy, and the component consists of the following elements (mass %): 10-11.5 % aluminum, 0.1-1.0 % manganese, 0.1-0.8 % Lanthanun, 1-2 % lithium, 0.1-0.8 % cerium, 0.05-0.3 % praseodymium, 0.1-0.5 % Zn, 0.2-1.5 % strontium, 0.08-0.1 % silicon, and the residues are magnesium and uncontrollable impurity. The raw materials are: manganese adopts aluminium-manganese middle alloy, Lanthanun, praseodymium and cerium adopt magnesium-Lanthanun enriched,magnesium - praseodymium enriched, magnesium-cerium enriched and magnesium-Lanthanunpraseodymiumcerium enriched hardener with 15-25% rare-earth content and in magnesium-Lanthanun-praseodymium-cerium enriched hardener the proportion of Lanthanun, praseodymium and cerium is 5.5-6.5:2.5-3.5:1. The specific industrial process of this method includes: first melting magnesium, aluminum, lithium and silicon in smelter with protective atmosphere of 1.3-1.7:1 carbon dioxide and nitrogen, then adding magnesium-Lanthanun, magnesium- praseodymium, magnesium-cerium and magnesium - Lanthanunpraseodymiumcerium hardener, aluminum-manganese hardener and Znic, finally adding metallic strontium, when the temperature reduces to 710 DEG C+-10 DEG C, skimming, ingoting or diecasting. The alloy of this invention has good corrosion resisting property.