The invention discloses a method for preparing nano quasi-crystal reinforced Mg-Zn-Y alloy by means of equal channel angular pressing. The method includes the following steps that A, cast-state Mg-Zn-Y alloy is prepared according to the set atomic percentage composition ratio of all components and comprises 0.5%-6% of Zn, 0.08%-1.2% of Y and the balance Mg based on the set atomic percentage composition of all the components, and the atomic percentage composition specific value of the Zn to the Y is 5-7:1; B, the cast-state Mg-Zn-Y alloy is annealed for 8-20h at the temperature of 380-420 DEG C, and furnace cooling is conducted; C, the annealed Mg-Zn-Y alloy is subjected to hot extrusion after heat preservation lasts for 2-4h at the temperature of 300-400 DEG C, the extrusion temperature is300-400 DEG C, and the extrusion ratio is 9-60:1; D, the Mg-Zn-Y alloy processed through hot extrusion in the step C is put into a thermal treatment furnace, the furnace temperature rises to 540-600DEG C, heat preservation lasts for 5-20min, and quenching is performed; and E, the Mg-Zn-Y alloy obtained in the step D is subjected to equal channel angular pressing after heat preservation lasts for2-4h at the temperature of 180-330 DEG C, and accordingly the nano quasi-crystal reinforced Mg-Zn-Y alloy can be obtained. By adoption of the method, the high-performance magnesium alloy with good yield strength, tensile strength and ductility can be prepared.