Rare earth export control is to protect strategic resources and ecological environment. The implementation of export control policy in China influences the international rare earth market from the aspects of quantity, price and information. With export regulation strength increasing, the export area structure of China and national structure of the world market change significantly. Control policy has remarkable substitution effect, creation effect and structure effect on the world rare earth trade. Australia, Mexico and India have substitution effects on China's rare earth export. The entrepot trade in rare earth in Hong Kong and Singapore are more active compared with the previous trade.