The invention discloses a high-strength high-toughness high-modulus deformed magnesium alloy and a preparation method thereof. The high-strength high-toughness high-modulus deformed magnesium alloy iscomposed of the following elements of, by mass, a% of Al, b% of one of La, Ce and Pr or b% of a mixture of several of the La, the Ce, the Pr, c% of Mn, a total of d% of one or several of RE rare earth elements Gd, Y, Sm, Nd, Er, Eu, Ho, Tm, Lu, Dy and Yb, a total of e% of one or several of Si, Ge, Ca, Li, Sn, Zn and Sb, a total of less than 0.2% of impurities and the balance Mg, wherein the a, the b, the c, the d and the e meet the requirements that the a is greater than or equal to 3.5 and less than or equal to 6.0, the b is greater than or equal to 0.5 and less than or equal to 4.5, the c is greater than or equal to 0.01 and less than or equal to 1.0, the d is greater than or equal to 0.01 and less than or equal to 2.5, and the e is greater than 0 or less than or equal to 4.0. A raw material are preheated, melted and cast to obtain a magnesium alloy cast ingot, the magnesium alloy cast ingot undergoes hot extrusion or hot forging or hot rolling to obtain the magnesium alloy deformedpiece, the method is simple, the process stability is good, and the controllability is high.