The invention discloses a multi-phase suspension system which is used in the field of foods and is formed by water, oil and solid powder, and a preparation method and application thereof. The multi-phase suspension system of the invention comprises the following components: 45 to 70 percent of edible oil, 1 to 10 percent of water, 10 to 40 percent of edible solid powder, 1 to 5 percent of surface active agent, 2 to 10 percent of stabilizer, 1 to 5 percent of suspending agent, 0.02 to 0.5 percent of antioxidant and 0 to 2 percent of acidity agent. The suspension system has uniformly distributed water, oil and solid powder, stable formed system, and difficultly separated water phase, oil phase and solid phase, thereby effectively preventing the hardening of a rubber sheet and avoiding the appearance of the phenomena of oil leakage and adhesion of soft capsules. Simultaneously, the suspension system has reduced greasy feel, and good taste, and is particularly suitable for the content of a chewable capsule. The multi-phase suspension system of the invention also can be added with flavor substances such as a sweetening agent, an essence and the like to adjust taste and flavor, and to satisfy market demand.