The invention discloses a renewable heavy metal adsorption material with shrimp and crab shells as a raw material, and a preparation method, a regeneration method and an application thereof. The preparation method comprises the following steps: cleaning the shrimp and crab shells, draining, drying, and crushing to obtain shell powder; immersing the shell powder in a hydrochloric acid solution, draining, washing by using deionized water until the pH value of the obtained eluate is not smaller than 6, draining, and centrifuging to remove water in order to obtain inorganic salt removed shell powder; and adding a Na and/or K ion-containing strong base-weak acid buffer solution with the pH value of 7.5-10 to the inorganic salt removed shell powder to immerse the inorganic salt removed shell powder or immersing the inorganic salt removed shell powder in a NaCl-NaOH solution with the pH value of 7.5-10, centrifuging, removing water, flushing by using deionized water until the pH value of the obtained eluate is not greater than 8, centrifuging, and removing water to obtain the adsorption material. The preparation method has the advantages of wide source and naturalness of the raw material, no need of deproteinization or deacetylation treatment, simple process flow, less pollution, and renewable use, and has an adsorption effect on various heavy metal ions in an aqueous solution, various aquatic animal protein hydrolysates and plant extract liquids.