Abstract: This invention discloses a process for preparing rare earth containing hard alloy, comprising preparing metal carbide powder containing rare earth metals or cobalt powder containing rare earth metals by using wet coprecipitating method; according to the composition of alloy, at least one kind of the metal carbide powder containing rare earth metal and cobalt powder containing rare metals being mixed homogeneously with other raw materials, shaping and finally sintering under high temperature. The process of the invention is simple technologically. The properties of the products produced by the process of the invention are good, stable and repeatable.