The invention relates to a method for preparing a high purity rare earth metal and its apparatus, which is characterized in that a lithium thermal reduction-vacuum distillation combined technology is used for preparing the high purity rare earth metal. The method comprises the following steps: taking rare earth chloride as a raw material and lithium metal as a reducing agent, placing in a reaction container, in a reaction system, carrying out a liquid-liquid displacement reaction of lithium metal and rare earth chloride under the inert gas protection (the pressure is 0.1-0.5 MPa) and the temperature of 850-1100 DEG C, then vacuum-pumping the reaction system to 10<-1>-10<-3> Pa, wherein the temperature is controlled at 900-1200 DEG C, evaporating lithium metal and lithium chloride, separating slag and metal to obtain the high purity rare earth metal. The reaction apparatus is composed of a furnace cover (1), a communicating pipe (2), a collector (3), a furnace body (4), a thermal baffle (5), a reactor (6), a heating device (7), an inflation system (8) and a vacuum system (9). The invention has the advantages of short process flow, high yield of rare earth metal and low production cost; the purity of the prepared rare earth metal is high. The used apparatus is simple and is easy to enlarge, and is suitable for large batch of industrial production.