The invention relates to a multi-component alloy plating material for coated steel products with high corrosion resistance and the manufacturing method thereof. The multi-component alloy is composed of Al, Si, Mg, Zn alloys and at least two rare earth elements, wherein the mass percentage of each component of the multi-component alloy is as follows: Al: 45-69 percent, Si: 0.2-3 percent, total amount of the at least two rare earth elements: 0.02-0.9 percent, Mg: 0.1-5 percent, and Zn in balance. The manufacturing method is also disclosed, which comprises compounding components at the given ratio, smelting in a smelting furnace at a smelting temperature of 750-800 DEG C, stirring in a non-contact manner, refining, slagging off, and casting to obtain an alloy ingot. The inventive coated steel product has high corrosion resistance, excellent fatigue resistance, and strong ability of binding with matrix metals; and is widely used in the industries of household electronic appliances, construction materials and automobiles.