The invention provides a powder metallurgy iron copper-based oiliness antifriction material containing rare earth oxides and a preparing method. The oiliness antifriction material comprises, by mass, 67.0%-71.0% of Fe, 27.2%-32.1% of Cu, 0.6% of Sn, 0.3%-1.2% of CeO2, 0.7% of zinc stearate and the balance unavoidable impurities. The oil content of the oiliness antifriction material is 17%-22% by volume. Powder which is uniformly mixed undergoes pressing, sintering, finishing, oil immersion and other work procedures, and the powder metallurgy iron copper-based oiliness antifriction material containing the rare earth oxides is obtained. Compared with a base material, when the antifriction material contains 0.6% of CeO2 by mass, the mechanical performance including crushing strength and hardness is improved in a certain degree, the antifriction performance is greatly improved, and the friction loss is nearly reduced by 40%. The oiliness antifriction material has the advantages that the wear-resistant performance of the material is greatly improved due to the CeO2 in proper amount, service life of the material is prolonged, the copper content is high, the friction coefficient is low, the anti-corrosion performance is excellent, the raw material is mixed powder of iron powder and copper powder, price is low, and the material contains no lead and meets requirements of environment protection.