The invention discloses a cerium-loaded functional absorbable orthopedic instrument material and a preparation method thereof. The orthopedic instrument material consists of an absorbable high-molecular polymer, graphene dispersed and distributed in the polymer and used for strengthening and toughening, and a degradable carrier material loaded with rare earth element cerium, wherein the rare earth element cerium having antisepsis and anti-inflammation functions is slowly released in a use process; the rare earth element cerium is effectively loaded on the degradable carrier material, namely a pure magnesium or magnesium alloy wire or sheet which contains a hydroxyapatite porous ceramic layer on surface through a special dual-composite loading technology formed from electrophoresis-micro arc oxidation and chemical impregnation ion exchange reaction. A bar or sheet is firstly prepared through thermal mould pressing, extrusion, injection molding, drawing or other methods, and the bar or sheet is mechanically processed into such bone repair and fixation instruments as absorbable functional bone nail and bone board; the material disclosed by the invention is wide in application prospect.