Abstract: This invention relates to an AE series heat resistant compression casting magnesium alloy containing cerium and lanthanum and the composition ingredients and the weight percentage thereof are as follows: Al: 3%˜5%, Ce: 0.4%˜2.6%, La: 0.4%˜2.6%, Mn: 0.2%˜0.6%, and the remainder is magnesium. The raw material of cerium lanthanum mixture of rare earth used is the residual, cheap and overstocked cerium lanthanum mixture of rare earth obtained from common cerium rich mixture of rare earth after the Nd, Rr with high value and good market have been separated. The mechanical performance of this invention at room temperature and high temperature excels that of AE 44 and AZ 91 alloys, and the minimum creep rate of 1.82×10-9 S-1 and the creep percentage elongation in 100 h of 0.17% at the condition of 200° C. and 70 MPa excel these of AE 44 alloy.