The invention provides a steel pipe and a preparation method and application thereof. The preparation method comprises the steps that raw materials are obtained through burdening according to the following chemical components, specifically, the raw materials comprise, by weight, 0.08-0.30% of C, less than or equal to 0.5% of Si, less than or equal to 1.0% of Mn, 0.5-2.0% of Cu, less than or equalto 1.0% of Al, 0.01-0.2% of Ce, 0.5-1.5% of Cr, 0.5-1.5% of Mo, less than or equal to 0.3% of V, less than or equal to 0.005% of N, less than or equal to 0.005% of O, less than or equal to 0.005% of S, less than or equal to 0.005% of P and the balance Fe; and the raw materials are sequentially subjected to smelting, pouring, electroslag remelting, rolling and heat treatment, the steel pipe is obtained, and when the content of O and the content of S in a reaction product system are not larger than 0.005wt%, Ce is added. The steel pipe prepared through the method has the advantages of being highin strength and toughness, resistant to sulfide stress corrosion and microbial corrosion and the like, and structural function integration is achieved.