The invention discloses an insecticide microcapsule suspension type liquid medicine fertilizer and a preparation method and application thereof.The insecticide microcapsule suspension type liquid medicine fertilizer is prepared from insecticide, an organic solvent, a cyst wall material, a pH adjusting agent I for preparing microcapsules, a nitrogen fertilizer, a phosphate fertilizer, a potash fertilizer, a micronutrient fertilizer, an emulsifying agent, a filler, a dispersing agent, a defoaming agent, a thickening agent, an antifreezing agent and water, wherein the pH adjusting agent I is acid.The raw materials further include a pH adjusting agent II for adjusting the pH value of the liquid medicine fertilizer, wherein the pH adjusting agent II is alkali.The average control effect of the insecticide microcapsule suspension type liquid medicine fertilizer on wheat aphid is 80.0% or above, meanwhile, the yield of eggplants can be increased, and the N, P and K unit nutrient partial productivity is improved.The insecticide microcapsule suspension type liquid medicine fertilizer is simple and reasonable in technology, reduces the material grinding size as much as possible, is low in energy consumption, suitable for industrial production and suitable for being adopted in a small area, and saves material resources, financial resources and labor force.