The invention relates to a waste electromagnetic wire copper refining agent and a preparation method and application thereof. The refining agent is preferably composed of, by mass, 1.0-5.0% of V, 1.0-5.0% of Sr, 0.5-2.5% of B, 5.5-7.5% of Mg, 5-10% of Y, 5-10% of Ce and the balance Cu. According to the preparation method of the refining agent, Cu-B-Y-Ce-Mg intermediate alloy and Cu-Sr intermediate alloy are crushed into fragments with the particle size being smaller than 10 mm, and the fragments and vanadium with the particle size being smaller than 10 mm are mixed evenly according to a set proportion and then wrapped with a high-purity oxygen-free copper sheet to obtain the refining agent. The refining agent can be used for refining oxygen-free copper from waste copper electromagnetic wires, and the adding amount is 0.1-0.65 percent of the melt mass. The refining agent of the design has the good effects on deoxidation, desulfurization, dealumination, deferrization, denickelefication and the like, and does not pollute copper liquid secondarily. The refining agent is reasonable in component design and simple in preparation process and can achieve large-scale industrial application conveniently.