The invention discloses a rare earth based composite electromagnetic wave absorption material and a preparation method thereof. The rare earth based composite electromagnetic wave absorption material prepared from materials including methyl phenyl vinyl silicone rubber, chlorinated polyethylene, tourmaline powder, volcanic ash, nano-gadolinium oxide, praseodymium neodymium oxide, ytterbium chloride, triethyl citrate, 5-hydroxymethylfurfural, gamma-aminopropyltriethoxysilane, 3-8 parts of positive pyrophosphoric acid, nanoporous silica, nano-sized needle-shape zinc oxide, white carbon black, N,N'-methylene bisacrylamide, polyacrylonitrile-based carbon fiber, a styrene-maleic anhydride copolymer, an ethylene-propylene polymer, dioctyl phthalate, chlorinated fatty acid methyl ester, polyethylene wax base epoxy and acetone. The rare earth based composite electromagnetic wave absorption material is high in wave absorption, wave absorption performance is also displayed in low frequency, good bandwidth characteristics and wave absorption performance are achieved, and the material is broad in market prospect.