The invention discloses styrene and acrylate latex and a preparation method and application thereof, and belongs to the field of well cementing materials. The preparation method of the styrene and acrylate latex comprises the following steps of polymerizing of seed emulsion: adding styrene, acrylate, unsaturated acid or salt thereof, a buffer agent, and deionized water into a reactor, leading nitrogen gas, adding an initiator, and reacting for 80 to 100min at the temperature of 60 to 88 DEG C, so as to obtain the seed emulsion polymerizing part; singly dripping the acrylate, and the mixture ofthe initiator, the buffer agent, and the unsaturated acid or salt thereof into a reactor, simultaneously finishing dripping, and warming at the temperature of 80 to 90 DEG C, so as to obtain the styrene and acrylate latex. The seed emulsion polymerizing monomer contains 14% to 75% of styrene and 24% to 85% of acrylate; the soap-free emulsion polymerizing monomer contains 92% to 99% of acrylate; the percentage of the seed emulsion polymerizing part in the total polymer is 5% to 25%. The preparation method has the advantages that the technology is simple, the consumption time is short, the prepared styrene and acrylate latex has good stability, and the properties of cement mortar are greatly improved.