The invention provides a plant cultivation medium. The plant cultivation medium is prepared from, by weight, 65.7-89.6 parts of fungus waste residues, 8-12 parts of river sand, 8-12 parts of furnace slag, 3-20 parts of plant nutrients, 5-15 parts of plant water-retaining slow-release agent and 5-10 parts of auxiliary materials. The invention further provides a preparation method and application of the plant cultivation medium. During the period of using the plant cultivation medium, the whole greening process is free of irrigation, the effects of retaining water during waterlogging and releasing water during drying can be achieved, the aims of natural accumulation, natural penetration and natural purification can be achieved, nutrients required for plants can be provided, it is ensured that plant production is away from diseases and insect pests, and the plant cultivation medium is suitable for sponge city construction, wide in application range, capable of meeting requirements of different plants, high in adaptation, scientific in proportion, simple in preparation method, simple in required equipment, high in feasibility of implementation and good in commercial potential.