The invention relates to the technical field of cutting fluids, in particular to a cutting fluid for high-efficiency bearing grinding and cutting, a preparation method and an application method thereof. The cutting fluid comprises 10-20 parts of water-soluble alcoholamine, 3-12 parts of a preservative of a dicarboxylate-based composite, 2-10 parts of an emulsifier, 2-8 parts of synthetic resin, 2-8 parts of a film-forming agent, 1-3 parts of hexanediol, 0.1-1 part of benzotriazole, 1-3 parts of a pH adjuster, 15-25 parts of base oil, and 30-40 parts of deionized water. The preparation steps ofthe invention are as follows: first, heating sebacic acid, dodecane dibasic acid, methyl benzotriazole, neodecanoic acid, isopropanolamine and water to 55-65 DEG C to completely dissolve into a transparent liquid, adding water-soluble alcohol amine, base oil, benzotriazole, deionized water and a pH adjuster to stir to be even and transparent, finally adding the emulsifier, the synthetic resin, the film-forming agent, and hexanediol, and stirring to be transparent. The cutting fluid for high-efficiency bearing grinding and cutting facilitates workshop management and the appearance of rust anddark spots can be avoided.