The invention discloses martensite precipitation hardening stainless steel as well as a preparation method and application thereof. The stainless steel comprises the following chemical components of 0.04%-0.06% of C, 1.4%-1.8% of Si, 0.5%-0.9% of Mn, less than or equal to 0.035% of P, less than or equal to 0.008% of S, 14%-14.5% of Cr, 7%-7.8% of Ni, 0%-0.15% of Al, 0.55%-0.7% of Mo, 0.7%-1.0% ofCu, 0%-0.03% of N, 0.28%-0.35% of Ti, and the balance iron and other unavoidable impurities. The preparation method comprises the steps of performing smelting and continuous casting, hot rolling, thermal annealing pickling, cold rolling, cold rolling annealing pickling, leveling and aging on all raw materials. The stainless steel and the method have the advantages that the proportion of the chemical components of the stainless steel, a smelting process, a hot rolling and calendaring process, a cold rolling and calendaring process and an annealing process are improved, and finally a martensiteprecipitation hardening stainless steel coiled plate with the yield strength of 1480 Mpa-1600 Mpa is obtained.