The invention belongs to the technical field of catalytic materials and coatings, and discloses an antibacterial and formaldehyde-removing catalytic material as well as a preparation method and application thereof. Add permanganate, iron salt, oxalate and silver nitrate into water, stir and mix evenly, and react hydrothermally at a temperature of 70-120°C. After the reaction is completed, naturally cool to room temperature, and the solid product is separated, washed, and dried. The powdered antibacterial and formaldehyde-removing catalytic material is obtained. The antibacterial and formaldehyde-removing catalytic material is stirred and mixed with titanium dioxide, styrene-acrylic emulsion and water, and then an auxiliary agent is added to stir and mix evenly to obtain an antibacterial and formaldehyde-removing coating. The catalytic material obtained in the invention can efficiently catalyze and oxidize the formaldehyde under the condition of room temperature and no light, and degrade the formaldehyde into harmless carbon dioxide and water. The obtained antibacterial and formaldehyde-removing paint can be well applied on artificial boards, plastic wallpapers and walls, and is safe, non-toxic and free from any peculiar smell. It can degrade formaldehyde more quickly, safely and for a long time.