Rare earth magnesium alloy

The invention discloses rare earth magnesium alloy for 3C (computer, communication and consumer electronics) thin-wall/ultrathin-wall die castings. The rare earth magnesium alloy comprises the following raw materials in percent by weight: 97.7-99.8 percent of die-cast magnesium alloy waste, 0.1-1 percent of cerium, 0.1-1 percent of lanthanum and 0-0.3 percent of yttrium-enriched mixed rare earth. By using the die-cast magnesium alloy wastes as the raw materials and scientifically and reasonably adding light rare earth elements and heavy rare earth elements in the die-cast magnesium alloy wastes, the formability, the corrosion resistance, the strength and the creep resistance of magnesium alloy products are improved, and the rare earth magnesium alloy can be enabled to satisfy the requirement on the materials of thin-wall and ultrathin-wall 3C products.