The invention relates to a color and colorama rare earth noctilucent fiber and a method for preparing thereof, which is characterized in that the method comprises the manufacture of colorama light-storing luminous base-materials, the manufacture of colorama noctilucent light-storing spinning fluid or spinning master batch and the spinning of color and colorama rare earth noctilucent fiber which comprises the following steps: taking the colorama noctilucent light-storing spinning fluid or spinning master batch and spinning raw materials to manufacture spinning materials, and the spinning materials are manufactured into the color and colorama rare earth noctilucent fiber through spinning. The color and colorama rare earth noctilucent fiber can store light energy in the fiber only through absorbing any visible light for 10min, continuously emit light for 10h in the dark state and be circularly used for infinite times, textiles which are made of the fiber, no matter being manufactured into clothing or other articles, can not lead any specific feeling to people and can continuously emit light in the dark state at night, various color of fibers can be obtained under the visible light without dyeing, thereby, the environment pollution caused by dyeing is reduced.