The invention relates to a lining structure of a rare earth electrolysis cell, and the electrolysis cell. The lining structure comprises a bottom lining and a side lining, wherein the bottom lining comprises a ceramic fiber layer, a bottom refractory layer, an impermeable layer and a graphite layer which are sequentially stacked from bottom to top; the side lining is arranged in a manner of surrounding the bottom lining; the side lining extends upwards to achieve the space above the top surface of the graphite layer; and the bottom lining and the side lining are combined and encircled to forma cavity allowing an electrolysis reaction to be carried out. The lining structure of the rare earth electrolysis cell is reasonable in structural material selection and layout, and the electrolysis cell is high in heat balance performance, and capable of effectively reducing heat loss; a hearth of the electrolysis cell is easier to form due to the use of a silicon carbide protection layer with high heat conductivity, so that a side heat-insulation material of the electrolysis cell is much effectively protected; and in addition, a cylindrical cathode is adopted, so that the phenomenon that a current density is high at the cathode and low at an anode is more obvious, and an electrolysis reaction area is effectively enlarged.