The invention discloses a high-strength low-density hcp+bcc dual-structure magnesium-lithium alloy bar. The high-strength low-density hcp+bcc dual-structure magnesium-lithium alloy bar comprises the following raw materials of, by weight, 6.1%-10.2% of Li, 4.6%-5.8% of Al, 1.5%-2.3% of Zn, 0.1%-0.6% of Y, and the balance Mg and impurity elements thereof. The impurity elements comprise Ca, Fe, Cu and Ni, the total amount is smaller than 0.2%, wherein Fe is smaller than or equal to 0.04%, and Ca is smaller than or equal to 0.03%. According to the high-strength low-density hcp+bcc dual-structure magnesium-lithium alloy bar, through reasonable matching of the types and proportional relation of the alloy elements, the trace Y element is added, and the trace Y element and the matrix Mg element form an Al2Y strengthening phase so as to improve the strength of alloy. Mg-Y intermediate alloy is added into melt, smelting is conducted, alloy cost is lowered, and industrialized production is facilitated. A semicontinuous casting process is conducted under the non-vacuum condition, on the one hand, complexity of experimental operation is lowered, on the other hand, the melt purity degree and thealloy yield are improved, and the foundation is laid for later high-strength ultralight magnesium-lithium alloy.