Abstract: An aluminum-lithium alloy with low density, high strength, and high elastic modulus and its production method are provided. A chemical composition of the aluminum-lithium alloy with low density, high strength, and high elastic modulus by weight is: Cu 1.5-4.5 wt %, Li 2.4-3.8 wt %, Mg 0.5-2.0 wt %, Zn 0.5-1.0 wt %, Ag 0.3-0.8 wt %, Er 0.05-0.3 wt %, Zr 0.05-0.25 wt %, Fe?0.08 wt %, Si?0.05 wt %, and the balance is Al and inevitable impurities. The production method includes: preparing raw materials, drying, adjusting pressure of an electromagnetic-induction furnace, melting in a vacuum induction furnace, power adjustment, casting, heat treatment, cooling. Degassing and slag removals are avoided, and defects of aluminum-lithium alloy during production are reduced.