The invention relates to semi-worsted double-core color-spun wrapped yarn and a production method and application thereof. The semi-worsted double-core color-spun wrapped yarn comprises PTT shape memory filaments, polyester filaments, semi-worsted colored Jutecell fibers, colored antibacterial acrylic fibers, polyamide fibers and wool fibers. The semi-worsted double-core color-spun wrapped yarn has the advantages that the wrapped yarn is diversified in pattern, high in three-dimensional performance, rich in layering change, rich in color, good in moisture absorption performance, good in dyeing performance, bright in color, good in elasticity, small in shrinkage rate, good in fullness, soft in touch, noble and elegant, unique in style, glossy and suitable for being used to produce high-end fabric, decoration cloth, beddings and the like, untoward effects generated when the yarn contacts with a human body can be avoided, and fabric produced by the yarn is free of constraint and pressure during wearing and is good in wear resistance.