The present invention discloses a flexible and elastic electrode and application thereof. The electrode comprises elastic fiber and silver alloy plated fiber, the proportion of the elastic fiber and the silver alloy plated fiber is 1:1-50, and the elastic fiber and the silver alloy plated fiber are integratedly connected in a knitting manner. The silver alloy is composed of silver and more than one metal elements selected from tin, zinc, nickel, copper, gold, cadmium, lead, bismuth, indium and gallium. In the silver alloy plated fiber, the silver makes up 10-70% of the fiber weight, and the one metal elements selected from tin, zinc, nickel, copper, gold, cadmium, lead, bismuth, indium and gallium make up 0.01-20% of the fiber weight. The electrode is especially suitable for a wearable device, reliable contact between the electrode and the human skin is ensured, the electrode has the characteristics of low power consumption, low impedance, long service lifetime, high elasticity, high strength, stretching resistance, light weight, small size and good flexibility, the electrode can be bent, folded and washed, is comfortable to wear, convenient use and not easy to be polarized, and is safe and reliable, and long-term monitoring of myoelectricity, brain electricity, electrocardio, heart rate, respiration and body temperature of a human body can be achieved.