The invention discloses a silver copper oxide composite electric contact material and a preparing method and application thereof. Components of the silver copper oxide composite electric contact material comprise, by weight percentage, 5%-7% of copper oxide, 3%-6% of tin oxide, 0.2%-1% of indium oxide, 0.05%-1% of an additive and the balance silver, wherein the additive is at least one of bismuth oxide, antimony oxide, nickel oxide and tellurium oxide. The preparing method of the material comprises the steps that all the alloy elements are weighed and smelted, are then subjected to atomizing and powdering, pre-oxidation, high-temperature oxidation, ball milling, high-pressure oxidation, isostatic pressing forming, sintering and extruding, and are then prepared into finished products. The prepared copper oxide composite electric contact material is low and stable in working surface resistance, has excellent comprehensive performance, and is good in processability and free of environmental pollution.