The invention relates to a fertilizer suitable for rice and a preparation method and application of the fertilizer. The fertilizer comprises a leaf surface spraying agent and a soil conditioner, wherein the leaf surface spraying agent comprises 200-230 parts of silicon dioxide, 60-80 parts of potassium nitrate, 8-15 parts of calcium nitrate, 2-3 parts of selenium, 2 or less parts of added elements, 1-2 parts of a plant growth regulator, 0.1 or less part of a bacteriostat and 1,000 parts of water; and the soil conditioner comprises 60-100 parts of potassium-rich rock, 30-50 parts of quick lime,150-300 parts of a sugar alcohol solution, 3-4 parts of urine, 4-5 parts of diammonium phosphate, 0.5-1.5 parts of microelements, 30-50 parts of livestock feces, 20-40 parts of crop straw, 10-30 parts of humic acid, 0.5-1.5 parts of biological bacteria and 0.1 or less part of a bactericide. According to the fertilizer, cadmium is effectively reduced through both the leaf surface spraying agent and the soil conditioner.