Rare Earths and Critical Materials Revitalization Act of 2011

Rare Earths and Critical Materials Revitalization Act of 2011 - Establishes in the Department of Energy (DOE) a research, development, and commercial application program to assure the long-term, secure, and sustainable supply of rare earth materials to satisfy the national security, economic well-being, and industrial production needs of the United States.

Directs the Secretary of Energy to: (1) support new or significantly improved processes and technologies (as compared to those currently in use in the rare earth materials industry), (2) encourage multidisciplinary collaborations and opportunities for students at institutions of higher education, and (3) submit an implementation plan to Congress.

Amends the Energy Policy Act of 2005 to authorize the Secretary to make loan guarantee commitments for the commercial application of new or significantly improved technologies for specified projects.

Amends the National Materials and Minerals Policy, Research and Development Act of 1980 to: (1) instruct the Director of the Office of Science and Technology Policy to coordinate federal materials research and development through the National Science and Technology Council (instead of, as currently required, the Federal Coordinating Council for Science, Engineering, and Technology, which is now defunct); (2) modify the duties of the Secretary of Commerce regarding critical needs assessment; and (3) repeal specified reporting and other duties of the Secretaries of Defense and of the Interior.

Repeals the National Critical Materials Act of 1984.