The invention discloses a preparation method of 1300MPa-grade rare earth reverse transformation Q & P steel. The steel comprises the following chemical components in percentage by mass: 0.12%-0.18% ofC, 2.0%-3.0% of Mn, 0.8%-1.2% of Si, 0.6%-1.0% of Al, 0.05%-0.08% of V, 0.001%-0.003% of B, 0.02% or below of P, 0.01% or below of S and the balance of Fe and inevitable impurities. According to thecomponent design, a certain amount of mixed rare earth iron alloy is added, smelting is conducted to obtain a casting blank. A reverse transformation process is combined with a Q & P process, so thatthe austenite stability is improved. The Si content is low, so that the surface quality and the hot rolling performance are guaranteed. The hardenability is improved through the Al and the B, a certain amount of the V is added, a dispersedly-distributed second phase is introduced, and the work hardening capacity of ferrite is enhanced through matching of the V and the Si. By adding the proper amount of the rare earth, the modification effect is achieved, grains are refined, and the comprehensive mechanical property of the steel plate is improved. According to the steel plate produced by the method, the microstructure is martensite, ferrite, retained austenite and the dispersedly-distributed second phase, the tensile strength is larger than 1300 MPa, the percentage elongation after fractureis larger than 15%, and the steel plate has good strength and plasticity matching.