The invention discloses a deformed magnesium alloy with high strength, toughness and high modulus and a preparation method thereof, which is composed of the following elements in terms of mass percentage: a% of Al, b% of one or more of La, Ce, and Pr Mixed, c% of Mn, a total of d% of RE rare earth elements Gd, Y, Sm, Nd, Er, Eu, Ho, Tm, Lu, Dy, Yb one or more elements, a total of e% One or several elements in Si, Ge, Ca, Li, Sn, Zn, Sb, the total amount of impurities is less than 0.2%, and the balance is Mg; a, b, c, d and e satisfy 3.5≤a≤6.0 , 0.5≤b≤4.5, 0.01≤c≤1.0, 0.01≤d≤2.5 and 0