The invention discloses a multi-rare-earth-phase material and a preparation method thereof. The material comprises the following components in percentage by mass: 15-20% of Nd, 3-4% of Ir, 4.5-6% of Ga, 6.0-8.0% of Cr, 3-4% of Pr, 0.15-0.20% of Gd, 0.3-0.4% of Sr, 2-5% of B, 0.45-0.60% of Co, 0.01-0.04% of Mn, 0.01-0.04% of Mo, and the balance of Fe. The material disclosed by the invention has the advantages of uniform texture and robust structure; in addition, the material is improved in corrosion resistance and magnetic property. The material is prepared by using the preparation method disclosed by the invention. The simple and effective anti-oxidation method can ensure a small difference in oxygen content between the surface and inside of a magnetic body and therefore makes the preparation of a high-performance rare earth material possible. The permanent magnet material disclosed by the invention has excellent stability and practicability, can be widely applied to various fields such as electronic devices, aerospace technology, computer equipment, magnetic separators, communication equipment, medical equipment, electric bicycles, electronic toys.