Provided are a high-performance glass fiber composition, and a glass fiber and composite material thereof. The content, given in weight percentage, of each component of the glass fibre composition is as follows: 52-64% of SiO2, 12-24% of Al2O3, 0.05-8% of Y2O3+La2O3+Gd2O3, less than 2.5% of Li2O+Na2O+K2O, more than 1% of K2O, 10-24% of CaO+MgO+SrO, 2-14% of CaO, less than 13% of MgO, less than 2% of TiO2, and less than 1.5% of Fe2O3. The composition significantly increases the mechanical strength and the elastic modulus of glass, significantly reduces the liquidus temperature and the forming temperature of glass, and under equal conditions, significantly reduces the crystallization rate, the surface tension and the bubble rate of glass. The composition is particularly suitable for the tank furnace production of a high-strength high-modulus glass fiber having a low bubble rate.