The invention provides a rare earth compound nucleating agent and application thereof, belonging to the technical field of material high performance modification and solving the problems that polypropylene beta nucleating agent has bad modification performance in the prior art, and the like. The rare earth compound nucleating agent comprises a main nucleating agent and an auxiliary nucleating agent; the proportion by weight of the main nucleating agent and the auxiliary nucleating agent is 60: 40 to 90:10. The rare earth compound nucleating agent and the polypropylene are blended and prilled so as to increase the performance of the polypropylene. The rare earth compound nucleating agent is used for increasing polypropylene beta cystal formation content and impact resistance capability, is effective and easily obtained, can induce the polypropylene PP to generate beta crystal formation with higher content, increases the impact resistant strength of the polypropylene. The nucleating agent does not affect the appearance of the product and is convenient to use.