The invention relates to a method for producing an electrical contact material, particularly relates to a method for producing a high-energy rare earth powder alloy electrical contact material. According to the technical scheme provided by the invention, the method for producing a high-energy rare earth powder alloy electrical contact material is characterized by comprising the following steps of: firstly, completely mixing and stirring alumina powder, silver powder, lanthanum powder, graphite powder, molybdenum powder, yttrium powder, boron powder and nickel copper powder; secondly, using anoil press to squeeze and mold the powder, and then sintering the squeezed and molded object into a vacuum high-temperature furnace and then cooling; thirdly, burning the molded object in a high-temperature furnace, then taking out and squeezing the burnt object into a panel shape by using a die on the oil press, and then cooling with cold water, and finally using a machine tool to punch the cooled object into a contact. The invention overcomes disadvantages of the prior art and provides the method for producing an environment-friendly high-energy rare earth powder alloy electrical contact material with low silver content, impact resistance, corrosion resistance, antioxidation, low resistance and good electrical conductivity.