The invention discloses Ce:YAG glass ceramic as well as a preparation method and an application thereof. The Ce:YAG glass ceramic is prepared by active ingredients SiO2, B2O3, PbO, ZnO and Ce: YAG fluorescent powder, and on the basis of the SiO2, B2O3, PbO and ZnO, the content of each active ingredient is as follows (by molar fraction or mass fraction): 2 to 20 percent of SiO2, 10 to 35 percent of B2O3, 20 to 50 percent of PbO, 5 to 15 percent of ZnO and 2 to 10 percent of Ce:YAG fluorescent powder. According to the prepared Ce: YAG glass ceramic, the Ce: YAG microcrystal particles are uniformly distributed in the glass, so that the Ce:YAG glass ceramic has advantages of high transparency, low cost, excellent optical performance and the like. The invention also provides an application of the Ce:YAG glass ceramic in preparing a white-light LED (light emitting diode) device. By adopting the Ce:YAG glass ceramic, the sealing structure of the white-light LED device can be optimized, the process is simplified, and the lighting effect is improved.