The invention discloses an erbium ytterbium double-doped lanthanum oxide lutecium laser material, which is characterized by comprising a structure shown in Formula (I): Er2x,Yb2y:(La0.1Lu0.9-x-y)2O3,wherein x is not more than 0.09 and not less than 0.01, and y is not more than 0.07 and not less than 0.01. The invention discloses a preparation method of the erbium ytterbium double-doped lanthanumoxide lutecium laser material, which includes steps of step 1, weighing Er2O3, Yb2O3, La2O3, and Lu2O3 in nitric acid and then heating at constant temperature to obtain mixed solution; adding incendiary agent in the mixed solution and then adding dispersing agent; after completely dispersing, adjusting pH value to 7; continuing the constant-temperature heating and gradually dewatering to obtain gel; step 2, drying the gel and then grinding and calcining; then grinding to obtain nano-powder; step 3, adding sintering aid and absolute ethyl alcohol in the nano-powder to stir, dry and grind so asto obtain the pretreated powder; step 4, pressing the pretreated powder to obtain a blank biscuit; cooling under static pressure to obtain a blank body; step 5, performing constant-temperature vacuumsintering on the blank body to obtain the laser material.