On one hand, the invention provides a rare earth aluminum alloy material comprising the following components by mass: 6%-8% of Si, 1.5%-4.5% of Cu, 0.2%-0.5% of Mg, 0.3%-0.8% of Mn, 0.2%-0.5% of Re, 0.1%-0.2% of Ti, 0.01%-0.05% of Sr and 80%-89% of Al; the Re is mischmetal containing Ce and La, and the Ti, Si, Ce and La rare earth elements are introduced into aluminum alloy; the castability of thealuminum alloy is improved effectively, and the freezing range and dendrite arm spacing of the alloy are reduced; the rare earth aluminum alloy material is higher in strength and plasticity; the component requirements of the rare earth aluminum alloy material are lower, and high purity Al ingots and expensive Zr, V and Y alloys are not required; the production cost is low, and the rare earth aluminum alloy material is high in industrial value. On the other hand, the invention provides a preparation method of the rare earth aluminum alloy material, and an indirect extrusion casting process isadopted; and the industrial production is achieved, and the preparation method has huge development potential in the fields of lightweight automobiles, intelligent robots, aerospace and the like.