This　study　investigates　the　time　and　frequency　return　and　volatility　spillover　relationship　between　rare　earth　markets　and　oil,　clean　energy,　gold,　base　metal,　green　bond,　ESG,　and　agricultural　markets　by　adopting　the　spillover　indices　introduced　by　Diebold　and　Yilmaz　(2014)　and　Baruník　and　Křehlík　(2018).　As　a　more　comprehensive　view　of　the　spillover　relationship　between　rare　earth　and　these　industries,　this　study　fills　the　gap　in　the　existing　literature　on　the　relationship　between　rare　earth　and　energy,　metals,　or　green-related　markets.　Moreover,　we　conduct　a　regression　analysis　to　reveal　the　drivers　of　the　connectedness　network.　The　empirical　results　suggest　that　the　rare　earth　metals　(REM)　market　is　a　net　spillover　receiver　from　the　base　metal,　clean　energy,　and　ESG　markets,　which　are　the　top　three　net　risk　emitters.　The　network　connectedness　results　shed　light　on　the　connections　and　strengths　at　different　time　horizons　throughout　the　sample.　The　regression　results　indicate　that　financial　condition　and　investor　sentiment　play　the　most　significant　roles　in　driving　connectedness　and　have　different　effects　at　different　frequencies.　Furthermore,　severe　financial　stress　may　increase　short-term　risk　spillover,　which　indicates　that　investors　sell　out　risky　assets　in　stressful　times.　However,　financial　stress　decreases　long-term　spillover,　which　implies　that　it　damages　the　long-term　operation　of　the　financial　market.　The　results　could　guide　investors　holding　REM　assets　to　balance　risk　and　return　and　also　provide　references　for　policymakers　to　monitor　market　conditions　and　adopt　policies　to　foster　the　health　of　the　REM　market.　©　2024　Elsevier　Inc.