The invention relates to a ternary rare earth doped YSZ thermal barrier coating material and a preparation method thereof, and belongs to the field of coating materials. The ternary rare earth doped YSZ thermal barrier coating material is prepared from, by mole percentage, x of La2O3, y of Gd2O3, y of Yb2O3, 4.0-4.5 of Y2O3 and 89-93 of ZrO2, wherein the total mole content of all the materials is 100, x is 0-1.5 and y is 1.5-2.5. According to the ternary rare earth doped YSZ thermal barrier coating material, the thermal conductivity is 10-20% lower than that of a unitary or binary doped YSZ thermal barrier coating material, the original phase structure can be kept at high temperature under the heat preservation condition for a long time, the excellent thermal barrier performance and sintering resistance are kept, and it is ensured that an aero-engine and a ground gas turbine hot end component thermal barrier coating can be used at high temperature for a long time.