The invention discloses a honing oilstone and a preparation method and application thereof. The honing oilstone comprises copper, tin, zinc, silver and superhard materials, and further comprises antimony, ferrophosphorus alloy, sodium hexafluoroaluminate, bronze, lubricant and wetting agent, wherein the feeding mass ratio of the copper, tin, zinc, silver, antimony, ferrophosphorus alloy, sodium hexafluoroaluminate, bronze, lubricant and wetting agent is 40-80:10-30:1-10:1-5:1:1-3:1-10:1-3:1-3:0.1-1, and the honing oilstoneis formed by mixing and sintering the raw materials. The preparation includes the steps of weighing raw material except the superhard materials according to the formula, mixing each weighed raw material with the superhard materials, sintering the mixture, and obtaining the honing oilstone. The application is the application of the honing oilstone in processing stainless steel materials. When the prepared honing oilstone is used to process materials difficult to process, such as stainless steel, no cutter adhesion, high precision and good processing surface integrity can be achieved, the preparation of the honing oilstone is simple, the cost is low, and the processing efficiency is high.