In this work, rare earth europium was combined with different organic ligands to obtain two kinds of rare earth conversion agents, Eu(DBM)4CPC and Eu(TTA)3(TPPO)2. Two kinds of conversion films were successfully prepared by combining them with polylactide and poly(butylene adipate-co-terephthalate). Results showed that the film has excellent light conversion ability and high color purity, and rare earth complexes improved melt flowing property and decreased melt viscosity of blend. At the same time, the elongation at break of the film increased greatly, which could up to 595.0/460.9% in the both machine direction (MD) and transverse direction (TD). The results of GPC show that rare earth complexes can make main chain of PLA scission, which causes rapid molecular weight reduction, and the effect of Eu(DBM)4CPC on the molecular weight of PLA was more significant than Eu(TTA)3(TPPO)2. SEM shows that the complicity of PLA and PBAT has been improved, the dispersed phase of the blend is more uniform. DSC shows that both rare earth complexes can improve the crystallization capacity of PLA. And with the addition of cetylpyridinium chloride could improve the compatibility of rare earth complexes and polymer materials, the light transmittance and hydrophilicity of the film also increased obviously.