The invention discloses an electrolyte for an aluminum-air battery and the aluminum-air battery, and the battery comprises an aluminum alloy negative electrode, an air positive electrode and the electrolyte. The aluminum alloy negative electrode contains the following raw materials in percentage by weight: 2.0-8.0% of Al, 0.02-0.08% of Pb, 0.05-0.1% of In, 0.01-0.1% of Ga, and 0.1-2.0% of Mg. According to the electrolyte for the aluminum-air battery and the aluminum-air battery, an electrolyte corrosion inhibitor is added into the electrolyte to promote precipitation of aluminum hydroxide, thereby avoiding the anode passivation caused by a condition that aluminum hydroxide is not discharged in time, and guaranteeing the normal work of the battery. The aluminum alloy negative electrode contains Al, Pb, In, Ga and Mg, so the open-circuit potential is obviously reduced, the self-corrosion is reduced, the electrode surface corrosion and dissolution are uniform, a passive film is not likelyto be formed in an alkaline medium, and anode polarization is reduced. Manganese dioxide is adopted in an air positive electrode to serve as a catalyst, so the price is low, and the good applicationprospect is achieved.