The invention discloses a rare earth polymer luminescent material with Tpy as a neutral ligand and preparation and application thereof, belonging to the field of luminescent materials. The invention overcomes the problems of great preparation difficulty, a long period, instable quality and performance, low brightness and efficiency, etc. of rare earth electroluminescent polymer materials in the prior art. According to the invention, a polymerizable Tpy rare earth complex and N-vinyl carbazole are used as monomers and subjected to radical copolymerization so as to obtain the rare earth polymer luminescent material with Tpy as the neutral ligand. The rare earth polymer luminescent material with Tpy as the neutral ligand is applied as a luminescent layer material or luminescent layer doping material for an electroluminescent device, and the prepared electroluminescent device has turn-on voltage of 12 to 37 V, electroluminescent brightness of 0.1 to 70 cd/m<2> and maximum external quantum efficiency of 0.37%. The prepared polymer can also be applied to an electroactive layer of a polymer electrical memory device. A synthetic method used in the invention is simple and easily practicable and is easy to industrialize.