The invention relates to a high-efficiency and low-toxic compound insecticidal composition containing lufenuron and its application. The insecticidal composition is composed of lufenuron, acetamiprid, auxiliary agents and excipients respectively, and is formulated into an emulsifiable concentrate, wherein the weight percentage of lufenuron and acetamiprid is 0.1-30:0.5-60. The insecticidal composition can produce relatively high synergistic effect, overcome and delay the resistance of pests, expand the spectrum of control, have high insecticidal speed, reduce the cost of medication, and reduce toxicity. The invention can prevent and control homopteran pests occurring on crops, especially can be used for preventing and controlling wheat aphids, and its effect is obviously higher than that of a single agent.