Multifunctional rare earth fertilizer and preparation thereof

A multi-effect rare-earth fertilizer is prepared through preparing first amino acid-rare earth complex liquid from rapeseed cake, industrial hydrochloric acid, rare-earth nitrate, zinc sulfate, boricacid, potassium sulfate and urea, then preparing insecticide from chinaberry seed, garlic seed, hot pepper and alcohol, and mixing them together. It can serve to improve soil, promote the plant to suck ammonia, P and K and the photosynthesis and kill pests and features no environmental pollution.