The invention discloses a magnesium alloy material for oil and gas development, a preparation method and application thereof, which belong to the technical field of nonferrous metals. The composition content of the magnesium alloy material is: cerium-rich mixed rare earth: 0.5-25wt.%, Sn: 0-10wt.%; Fe: 0-10wt.%, Ti: 0-10wt.%; Ni: 0-10wt.% .%; Cu: 0~10wt.%; the balance is Mg. The tools made of the magnesium alloy material of the present invention can be used in oil wells, shale gas, and oil and gas wells for oil and gas production downhole operations, and the tools include soluble bridge plugs, soluble ball seats, fracturing balls, plugging balls, darts, etc. . The material can precisely control and predict the evolution of its mechanical properties and dissolution rate in the oil and gas well environment, establish an accurate prediction model, and directly select the most suitable composition and preparation and deformation methods for different shale oil and gas well environments, greatly shortening the delivery time cycle, ensure the safety and efficiency of oil and gas extraction, and reduce the risk and cost of production accidents.