The invention discloses a large capacity lightning arrester made of a low melting point alloy. The lightning arrester comprises a zinc oxide valve plate, serially connected sheets, and an alloy valveplate. The zinc oxide valve plate and the alloy valve plate form an outer sleeve. A complete lightning arrester is manufactured. By using a simple and effective alloy valve plate, the thermal capacityof the lightning arrester is largely increased, the cost of the lightening arrester is reduced, the protecting performance of the lightening arrester is improved, and the system work stability is enhanced.