The invention specifically relates to X80 pipeline steel with the high stress ratio and high arrest toughness and a preparation method and application of the X80 pipeline steel. The X80 pipeline steel is composed of, by weight, 0.03% to 0.08% of C, 0.15% to 0.35% of Si, 1.50% to 2.00% of Mn, not larger than 0.010% of P, not larger than 0.003% of S, 0.04% to 0.08% of Nb, 0.015% to 0.025% of Ti, 0.015% to 0.025% of Zr, not larger than 0.03% of Mo, not larger than 0.35% of Cu, not larger than 0.30% of Ni, not larger than 0.30% of Cr and the balance Fe and inevitable impurities. Zirconium is added to promote precipitation of proeutectoid ferrite, the banded structure level is reduced, and the stress ratio and the arrest toughness of a steel plate are effectively improved. The heating temperature is strictly controlled, and the recrystallization deformation temperature section in a rough rolling stage and the rolling reduction and the temperature of the last phase of rough rolling are reasonably matched, so that the austenite grain size is reduced to the maximum degree; and a rough-rolled intermediate billet is cooled, so that grain growth generated after recrystallization deformation is reduced.