The invention relates to a rare earth aluminium alloy material with high strength and high toughness and the preparation method thereof, belonging to the technical field of metal alloy and the preparation thereof. The invention is characterized in that the invention comprises Mg, Si, Fe, a rare earth compound additive and Al, with the weight percentages as follows: Mg: 0.50-0.60%; Si: 0.35-0.45%; Fe less than or equal to 0.35%; rare earth additive less than or equal to 0.065-0.2%; the margin being Al. The preparation method comprises charging and melting down the 6063 aluminum alloy furnace materials in accordance with the conventional methods, adjusting the furnace temperature, deairing, refining and purifying the melt and then adding Al-RE, Al-Sr and Al-Zr master alloys at the temperature between 720 DEG C and 760 DEG C and preserving heat for 30min-7h, then carrying out homogenization treatment on electromagnetic stirring components and detection, pouring and casting, finally carrying out homogenization treatment and subsequent quick cooling treatment, rapid heating before extrusion, extrusion and on-line quenching treatment as well as artificial aging treatment. The product section obtained from the invention has rapid extrusion and high mechanical property of the section and can improve the apparent mass of the section and increase the modification of oxide film density.