The invention discloses an aqueous grinding fluid applied to super precision grinding of hard and brittle materials and an application method thereof. The grinding liquid contains chelant 0.1-5, a pH value regulator 5-15, a suspending agent 0.2-5, a dispersion stabilizer 0.5-10, a lubricant 5-20, an antirusting agent 0.5-5, fungicide 0-2, a defoamer 0-2 and deionized water compensating the balance of total amount of 100 parts. Under an alkali condition, the aqueous grinding fluid applied to super precision grinding of hard and brittle materials is beneficial for grinding materials with various sizes, has good suspension property and dispersion stability; when the aqueous grinding fluid is used for super precision grinding of various different hard and brittle materials, especially high-hardness materials, scratches, etching pits and other defects are not produced easily; and the grinding speed is high, the subsequent cleaning is convenient; and the aqueous grinding fluid has excellent lubricating property and antirusting property when in matched use with the grinding materials, and the mixing liquid is uniform in color and has no sediment in 48 h. When the aqueous grinding fluid is used for grinding a wafer on a grinding machine, the ground wafer is subjected to water-added ultrasonic washing, and the wafer has good surface smooth finish, no scales, etching pits and other defects, and the surface roughness can be within 2 microns.