The invention relates to a method for preparing a long afterglow rare earth phosphor and polymer composite material, which comprises the following steps: blending, extruding and pelleting various polymer materials such as high-density polyethylene (HDPE), low-density polyethylene (LDPE) and ethylene vinyl acetate (EVA), green long afterglow rare earth phosphor and other related addition agents with a double screw to prepare granules of the long afterglow rare earth phosphor and polymer composite material; and preparing various luminescent products by an injection molding or mould pressing method. The method effectively solves bottleneck problems of dispersion, adhesion, bright color, plasticization and the like in the process to prepare the environment-friendly material with long afterglow time, high luminance, good stability, and no toxicity or radiation. The performance of the material is that: the material has long fluorescent lifetime which is longer than 24 hours; the adhesive force is first grade; and the impact strength is 43kg/cm. The material can replace the traditional ZnS luminescent material, and can be applied to various safety exit signs in airplanes, ships, underground markets and the like, fir-fighting apparatus signs, public traffic stop boards, various rating plates, films, tapes, handicraft articles, ornaments, toys and the like.