The invention relates to the technical field of piezoresistor discs for lightning arresters, in particular to a zinc oxide resistor disc and a preparation method and application thereof. The zinc oxide resistor disc provided by the invention is prepared from the following raw materials in percentage by mole: 85-95% of ZnO, 0.01-4.0% of Bi2O3, 0.01-4.0% of Sb2O3, 0.05-3.0% of Co2O3, 0.01-2.0% of MnO2, 0.01-3.0% of NiO, 0.01-2.0% of Fe2O3, 0.01-2.0% of A12O3, and 0.01-2.0% of Dy2O3. According to the zinc oxide resistor disc provided by the invention, a toxic substance Cr2O3 does not need to be added, various components including ZnO, Bi2O3, Sb2O3, Co2O3, MnO2, NiO, Fe2O3, Al2O3 and Dy2O3 cooperate with each other, such that the zinc oxide resistor disc has the excellent performances of highpotential gradient, high square wave through-flow capacity, low residual voltage, high square wave current and large current impact resistance, good aging resistance and the like.