The invention discloses a rare earth aluminum alloy, and a method and a device for preparing the same. The alloy contains at least one rare earth metal of lanthanum, cerium, praseodymium, neodymium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, lutetium, scandium and yttrium, the content of raw earth is 5 to 98 weight percent, and the balance is aluminum and inevitable impurities. The device for preparing the rare earth aluminum alloy is characterized in that: a) graphite serves as an electrolysis bath, a graphite plate is an anode, a tungsten bar is a cathode and a molybdenum crucible serves as a rare earth aluminum alloy receiver; b) the diameter of the tungsten bar is 30 to 55 mm; and c) the anode of the graphite consists of a plurality of graphite plates. The rare earth aluminum alloy, and the method and the device for preparing the same have the advantages that: the alloy has uniform components, little segregation and low impurity content; technology for preparing the rare earth aluminum alloy through fusion electrolysis can maximally replace a process for preparing single medium-heavy metal through metallothermic reduction, greatly reduce energy consumption and the emission of fluorine-containing tail gas and solid waste residue, improve current efficiency and metal yield and reduce the consumption of auxiliary materials and the energy consumption; and the rare earth aluminum alloys with different rare earth contents can be obtained by controlling different electrolytic temperatures and different cathode current densities.