The invention relates to a high-strength high-toughness magnesium-base alloy which is characterized by containing the following components in percentage by weight: 4.5-5.5% of Zn, 0.7-0.8% of Sn, 0.28-0.30% of Gd, 1-1.5% of Ti, 0.5-1% of Al, 0.7-0.8% of Ca, 0.9-1.1% of Sr, 0.3-0.4% of La, 0.4-0.45% of Sm, 0.45-0.55% of Nd, 0.4-0.45% of Y, 0.4-0.5% of Zr, 1-1.1% of Mn, 0.3-0.4% of Cu, 0.3-0.35% of Ce, 1-1.2% of Nb, 4-6% of boron nitride nanotube particle, 5-6% of graphene, 3-4% of tungsten carbide crystal whisker and the balance of Mg. The strength, toughness, heat resistance and tensile property of the alloy are greatly enhanced as compared with the prior art.