The invention discloses a NiAl alloy doped with a rare earth element. The NiAl alloy comprises, by molar content, 37.5%-50% of Al, 0.01%-2% of RE and the balance Ni. The preparing method of the NiAl alloy includes a vacuum hot pressing method or a precise casting method. The invention further discloses application of the NiAl alloy doped with the rare earth element to preparing of glass hot bending dies. The NiAl alloy has good room-temperature plasticity and high-temperature oxidation resistance performance. The NiAl alloy is used for the field of glass hot bending dies, has good high-temperature mechanical performance and oxidation resistance performance and can be recycled, and the service life of the glass hot bending dies can be effectively prolonged.