The invention discloses a rare earth complex containing leather composite coating agent which is prepared from the raw materials of polyurethane emulsion, oxidized polyethylene wax emulsion, fluorinecontaining acrylic emulsion, alkyl phenol polyoxyethylene ether, sodium dodecyl benzene sulfonate, octadecyl dimethyl (3-methoxy silicyl propyl) ammonium chloride, a diluent, rare earth complex, 1,4-bi(bromoacetoxy)-2-butene, silicone oil, N-allyl isothiazolinone and compound filler, wherein the compound filler is prepared by mixing nano iron oxide, nano titanium dioxide, oxidized graphene, a 5A zeolite molecular sieve, nano zirconium oxide and silane coupling agent KH-570. The rare earth complex containing leather composite coating agent disclosed by the invention has excellent antibacterialproperty, water resistance and ageing resistance; when the rare earth complex containing leather composite coating agent is applied to leather products, the antibacterial property, water resistance and ageing resistance of the leather products are remarkably improved; meanwhile, the prepared leather products have the advantages of good glossiness and soft and full hand feeling.