The invention relates to a liquid crystal material and application fields thereof, particularly to a liquid crystal composition containing a fluoroterphenyl structure compound and a 2-methyl-3,4,5-trifluorobenzene structure compound, and applications thereof. According to the present invention, the liquid crystal composition comprises compounds represented by general formulas I, II and III, has characteristics of low rotational viscosity, high electrical resistivity, suitable optical anisotropy, good low-temperature mutual solubility, high elastic constant, excellent light stability and excellent thermal stability, and can reduce the response time of liquid crystal display devices so as to solve the problem of slow response of liquid crystal display devices, such that the liquid crystal composition is suitable for fast response TN, IPS and FFS type TFT liquid crystal display devices, particularly for IPS and FFS liquid crystal display devices. The general formulas I, II and III are defined in the specification.