The invention discloses a rare earth power cable, which comprises a cable core and a filling layer, wherein the cable core and the filling layer are wrapped with a wrapping tape layer, a shielding layer, an inner sheath, a metal armor layer, an outer sheath, a rare earth refractory layer and a rare earth water-blocking layer; shielding tapes are coated and lap-jointed with one another by means ofwave-shaped overlapping sections on two sides; armoring steel tapes are in lap joint with one another by means of steel tapes on two sides; rare earth aluminum alloy material of rare earth aluminum alloy conductors comprises the components of Fe, Cu, B, Mg, Si, Zr, Ni, Ag, Cr, Mn, Ti, V, Zn, RE, and the balance is AL; a rare earth refractory layer material comprises the components of fluororubber,aluminium hydroxide, rare earth oxide, glycerin, silicon carbide, lanthanum phosphate, gadolinium zirconate, and the balance is epoxy resin; and a rare earth water-blocking layer material comprises the components of epoxy resin, tung oil, rare earth oxide, magnesium oxide, zinc oxide, and the balance is nitrile butadiene rubber. The rare earth power cable has good electrical conductivity and mechanical strength, and has high temperature resistance and water blocking performance.