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This invention discloses a low-indium ceramic target, its preparation method, and its application. The low-indium ceramic target comprises the following components by mass percentage: indium oxide content of 50.2%–60.8%; zinc oxide content of 16.8%–25.3%; tin oxide content of 18.0%–28.3%; and metal oxide content of 0.10%–2.5%. The sum of the contents of all components is 100%. The metal oxide includes at least three of the following: praseodymium oxide, hafnium oxide, terbium oxide, dysprosium oxide, and cerium oxide. Increasing the density of the target and lowering the sintering temperature improves the mobility of the TCO thin film prepared from the low-indium ceramic target.